• Upcoming series of data releases and BoE meeting may push for direction
  • Straddle pattern in EUR/GBP (D1)
Chart 1: EUR/GBP D1 chart

EUR/GBP has been struggling to find a clear trading direction for the past two months. This month, it has been trading within 105pips. The tight trading range is also indicated by the Bollinger Squeeze. With a series of eurozone PMI data releases today and the Bank of England monetary policy meeting tomorrow, EUR/GBP may break out of the current range, presenting a clear direction for trading opportunities.

Straddle Setup for EUR/GBP (D1)
Buy Stop order at 0.86700
Sell Stop order at 0.85200

Upcoming major news that may impact price movement of EUR/GBP
23 June – French flash PMI data releases at 1515 (GMT+8)
23 June – German flash PMI data releases at 1530 (GMT+8)
23 June – Eurozone flash PMI data releases at 1600 (GMT+8)
23 June – UK flash PMI data releases at 1630 (GMT+8)
24 June – ECB President Lagarde speaking at 0000 (GMT+8)
24 June – German ifo Business Climate data release at 1600 (GMT+8)
24 June – Bank of England monetary policy announcement at 1900 (GMT+8)
24 June – U.S. final GDP q/q data release at 2030 (GMT+8)

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By Gim Hong Lee

Gim Hong has been a full-time currency trader for more than 2.5 years, focusing on day and swing trading of major currencies and their crosses. He is a frequent contributor of currency and economic analysis in Forex Trading Asia. Graduated from Columbia University in the City of New York with a bachelor’s degree in applied mathematics and statistics, the nerdy side of Gim Hong enjoys learning about data analysis, machine learning and their applications in currency trading.

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