EURGBP
(R:R) 1;4 is worth taking it so will be looking to aim for that level.
I took a look at other GBP pairs to determine general direction of GBP, what I'm seeing is a lot of weakness in the price action. I also have this for the euro but in a bullish manner, this made me analyse EUR/GBP even though I havent traded this pair in over a year.
I started off on the weekly and determined H/L, just like our gold setup we did find the liquid area of that move to the downside, price has reacted slowly since that consolidation so I am expecting that there are quite a lot positions build up in that area. Talking buys here.
What we see a lot after long consolidations like that is a period of explosive movement with little pullbacks, the goal is to grab an entry and profit off those moves. Will be watching this and XAU/USD for now.
Comment:
It did not give the pullback I expected it to give me, when we look at other GBP pairs I noticed some room for bull moves. However EURO is still showing a lot of bullish action, might have to let this setup slide as XAU/USD and NZD/CHF are running according to plan.