EURGBP Long Term Outlook & Levels

FX:EURGBP   Euro Fx/British Pound
189 0 7
THE BIG PICTURE: What appears to be a retracement in segment AB can be measured with a fib extension tool. That measurement can be projected from point C to determine a level where the current long term move may culminate. Segment AB, when measure sets up for a target somewhere around 0.67. For the moment, price has to deal with an important level in the 61.8% retracement of the segment BC             which currently finds support just above 0.70. In addition the recent price action is stalling at an old level of resistance from a neckline formed from the reverse head and shoulders which helped form point B.

THE TECHNICAL STANDPOINT: Jumping in front of a freight train will only cause more anxiety than needed. Switch to the lower time frames and patiently wait for a turn around either at the 61% of Segment BC             which is where the market is currently trading, or at the fib extension level posted at point D. Risk is limited if the trade is terminated due to the failure of price to hold above either of these two levels. Its essential to allow for the trade to develop on the lower time frames before taking action. There will be plenty of time to jump in when the time is right.
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