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Can the below events draw EURGBP's slumps to a halt..? Any which ways we suspect.
- ECB Monetary Policy Meeting that details the complete record of the ECB Governing Board's most recent meetings and shed lights on economic conditions.
- ECB President Draghi Speech
Both on weekly and daily charts no oscillating indicators suggesting recovery of recent losses as both RSI (14) and stochastic moves in downward convergence.
EUR/GBP has breached a crucial support at 0.7128 so as to indicate the near term downswings, we foresee dips until 0.7058
The resistance is figured out at around 0.7181 levels and any bullish signs can be spotted only above this level.
Option basket: Write a covered put (EURGBP)
As EURGBP pair is deemed as further declines, we advocate writing of naked put options while shorting the compelled exchange rate of the underlying currency on spot.
This strategy offers limited returns with no downside risks.
Profit for the covered put option strategy is limited and maximum gain is equal to the premium received for the writing put option.
Caution: As the writer is short on the underlying spot currency, the unlimited risk is associated when the exchange rate of this underlying currency spikes up significantly.
