I think we have a shark pattern on EURGBP nearing completion, along with a breakout from the descending wedge that is being formed. The 4-hour CCI is exiting the oversold zone. I am waiting for the price to retrace back to the 88.6% level at 0.8542 before buying, which would confirm the validity of the shark pattern. If so I would expect the price to rise up to the 0.8617 level of the C point, where we would be waiting for further indications on whether to predict a move in either direction.
Trade active
Position opened in the early Asian session. I am open to the possibility of the formation of a subpattern, which is exactly what happened around the B point. But this I believe should not affect our trading plan.Trade closed: target reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.