EURGBP seems to be very well represented by this pennant. After a very strong up-movement, the price seems to have less volatility, testing several times the key-levels defining the chart patterns.
Also the setup with the moving averages shows that the direction of the market is not clear recently and we might have a breakout in any direction.
In this situation, it makes sense to have two stop entry orders: one above the pennant, waiting for a bullish breakout; one below the pennant, waiting for a bearish breakout.
In this situation, I prefer to stay out of the market for now and decide what to do in case I see a strong breakout.
Also the setup with the moving averages shows that the direction of the market is not clear recently and we might have a breakout in any direction.
In this situation, it makes sense to have two stop entry orders: one above the pennant, waiting for a bullish breakout; one below the pennant, waiting for a bearish breakout.
In this situation, I prefer to stay out of the market for now and decide what to do in case I see a strong breakout.
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