Trade of the week – EURGBP

Weekly Highlights and Performance Overview

Welcome to our “Trade of the Week” page, where we spotlight the standout trading signal that provided exceptional results for our members. This page serves as an educational resource, showcasing the performance of selected trading signals and offering insights into the strategies that led to their success.

Featured Trade Signal

Pair – EURGBP

Date of issue – 28-07-2024

Entry Price- 0.8409

Stop Loss – 0.8395

Take Profit 1 – 0.8423

Take Profit 2 – 0.8451 [This is optional]

Reward to Risk Ratio – 3:1

Market Conditions

EURGBP had just started an Uptrend (55 EMA) on the 4-hour chart after a few weeks of weakness. The entry price was chosen as a 75% retracement of the latest move to the upside. The stop loss was placed below the 90% retracement. Target 1 (breakeven) was 1:1, whereas the final target (3:1) was chosen so that the trade would most likely be closed before the end of the week.

Result of the Trade

Hit Both Targets

Summary

The interest rate reduction, which led to the weakness of the GBP, coupled with the weakness of the US$, provided the perfect conditions for the strength of the EURGBP.