Welcome trading legends,
In this blog, we’ll be trading the EUR/GBP asset using the signals provided by the Tools Trades website and the IQ Option broker. Be sure to stick to the end of the video as I’ll be sharing a special promo code with you.
Allow me to explain why I’m trading this particular asset.
The British Pound to Euro (GBP/EUR) exchange rate has risen past 1.15 on Monday, May 3, and is currently trading at around 1.15243.
Key events of note this week are the Scottish Elections and the BoE on Thursday.
As April came to a close, the British Pound was one of the worst performers on currency markets.
"The worst performing currencies were the New Zealand dollar and sterling," says Kathy Lien, an analyst at BK Asset Management. "There were no market-moving reports from New Zealand and the U.K. but as two of the most sensitive currencies, they lost the greatest value against the dollar. The Australian dollar also sold off but the Canadian dollar ended the day unchanged despite weaker than expected monthly GDP growth."
The Pound found itself mixed against the Euro for much of the week as a lack of data from the UK caused GBP to run on steam.
Political uncertainty appeared to have limited any significant gains for Sterling last week.
The news that a formal investigation has been launched into how Prime Minister Boris Johnson funded renovations of his Downing Street flat and claims Mr Johnson opposed the third lockdown as said he’d ‘rather let bodies pile high’ weighed on the Pound’s sentiment.
On Friday the Pound suffered further losses against the Euro after it was revealed that the R rated in the UK had increased slightly to 0.8-1.1, worrying investors that the UK’s economic recovery could be delayed if cases begin to rise.
The Euro started the week on the back foot against the Pound after the release of Germany’s business confidence index came in below market expectations.
The single currency had rebounded in the middle of the week after the latest Federal Reserve policy meeting caused the US Dollar to plummet, and the Euro was able to capitalize on the broad weakness.
However, on Friday the Euro stumbled further after the latest Eurozone GDP figures for Q1 confirmed that the bloc had slipped back into recession.
As you can see, the signals from Tools Trades have worked!
The promo code that you see on the screen will give you more trading signals if you use them on the Tools Trades website.
Be sure to watch my other videos on the channel and read the blog page so you learn more. If you want more videos like this be sure to like and subscribe. Thanks for watching and
May the Forex be with you.
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