The EURGBP made a nice impulse from 0.70 towards 0.78. I will be looking for either another bullish break towards 0.80 or a bearish break towards 0.74.
I've been trading this pair long as can be seen in my previous posts.
Have a look at the bigger picture first:
I like to see at least a test of 0.80 for that upper channel line. However as long as price stays within the channel I consider this a consolidation. It is very likely that the Pound weakened due to some fear of UK leaving the EU. However I don't think that will happen which will strengthen the Pound at least short term against the Euro.
Whatever the fundamentals are, for now the technical's are key. The 4 hour time frame shows a clear impulse higher of lesser degree and I'm focused on that for now.
The arrows indicate both bearish and bullish scenario. The convergence of price is presenting us a relatively safe trade if we let it complete first.
Updates will follow.
www.timstuyts.com
facebook/timstuyts/
I've been trading this pair long as can be seen in my previous posts.
Have a look at the bigger picture first:
I like to see at least a test of 0.80 for that upper channel line. However as long as price stays within the channel I consider this a consolidation. It is very likely that the Pound weakened due to some fear of UK leaving the EU. However I don't think that will happen which will strengthen the Pound at least short term against the Euro.
Whatever the fundamentals are, for now the technical's are key. The 4 hour time frame shows a clear impulse higher of lesser degree and I'm focused on that for now.
The arrows indicate both bearish and bullish scenario. The convergence of price is presenting us a relatively safe trade if we let it complete first.
Updates will follow.
www.timstuyts.com
facebook/timstuyts/
Trade geschlossen: Ziel wurde erreicht:
I personally did not traded this pair long although I posted it here on tradingview due to the price action at market opening this week. However it made a new high after the break which was the minimum target. Updates will follow.
