EURGBP, Silver, And Copper Technicals

TL;DR

The analysis discusses the potential for the euro to outperform the pound amidst Brexit uncertainty and warns of a potential reversal in the euro pound trade. Additionally, it highlights the strength of silver and the possibility of a sell-off in copper.

Transcript

hi traders Dale Pinkert at Forex top hunter starting off with some weekly looks a little bit more macro today especially in light of brexit votes at our everyday there's another story another tape bomb a lot of people have been very constructive the pound it's still that way more than euro and one way they've been playing it is by being short euro ... Read More

Key Insights

• 💷 Traders have been constructive on the pound, but the analysis warns of a potential reversal in the euro pound trade.
• 🍉 Silver has been outperforming gold and may have the potential to reach $17 in the long term.
• 🎯 Copper's recent breakdown suggests the possibility of a sell-off, with a potential downside target between $2.40 and $2.30.
• 🤘 The analysis highlights the significance of Brexit negotiations and their impact on currency and metal markets.
• 🏤 A potential delay in Brexit could still provide opportunities for the pound to strengthen against the euro.
• 🤩 Silver's ability to hold a key support level indicates a positive outlook for the metal.
• 🫠 Copper's nickname "dr. copper" highlights its association with economic trends.

Questions & Answers

Q: Why have traders been shorting euro pound, and what could happen if the trend reverses?

Traders have been shorting euro pound, expecting euro weakness compared to the pound. However, a weekly reversal indicates the potential for the euro to outperform the pound if things don't go as planned in Brexit negotiations.

Q: What are the key levels to watch for silver's performance?

Silver has been performing well, with key support holding at around $14.95. It is important for silver to maintain this support level to potentially reach $17 in the long term.

Q: What is the potential downside for copper and why?

Copper could experience a sell-off, potentially dropping to $2.40 from its current levels around $3. This suggests a possible interruption in trade negotiations. Copper is considered the metal with the PhD in economics, making it significant in analyzing industrial metals.

Q: How does the analysis suggest traders should approach the market?

Traders should be cautious as the current euro pound trade may indicate a potential reversal. Additionally, silver shows strength and copper may experience a sell-off, suggesting a cautious approach in these markets.

Summary & Key Takeaways

• Traders have been shorting euro pound, anticipating euro weakness compared to the pound, but a potential weekly reversal suggests the opposite may happen.

• Silver has shown resilience and could potentially reach $17 in the long term, with support holding at $14.95.

• Copper may experience a sell-off, with a break below $3 potentially taking it down to $2.40, indicating a possible hiccup in trade negotiations.