EUR/GBP does almost nothing on Monday

The EUR/GBP pair has gone back and forth during the trading session on Monday, showing signs of indecision around the 0.8750 level. Market participants continue to be cautious, because we have a lot of headline risk out there when it comes to these currencies, as the economies negotiate the pulling apart between the European Union and the United Kingdom. Ultimately, this is a market that should continue to be very jittery, so I would be cautious about putting too much money into the market in one shot, because the sudden movement of this market is very likely to happen based upon an errant headline or common coming from a politician.

The 0.8650 level underneath should be supportive, but I can also make an argument for the 0.88 level above being resistive. This market will continue to be very difficult to deal with, so I think it’s only a matter of time before the position that you are and could be dangerous. I would use a very small position and only add when you get confirmation that you are correct. I believe that a breakdown below the 0.8625 level sends this market much lower, just as a break above the 0.88 level is a very bullish sign. I think that the market should continue to be jittery, I think that it’s only a matter of time before we get some type of opportunity. If you are a short-term scalper, there are several little levels that you can pay attention to. Otherwise, this is going to be difficult.

EUR/GBP Video 24.04.18