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.