EUR/GBP is caught in a 50 pips trading range since 4 days. With this on Daily basis we can see that a structure levels is being formed by the marked. This structure level might be the right shoulder of a bigger SHS pattern. Although this would be now to speculative lets try to figure out some hard facts.
- Market is fighting between 0.6980 and 0.7027 which is on a (black dotted line)
- Market had retraced to 0,886 fib of former upleg (upleg last purple line, retracement light green line)
- Bigger picture (monthly view shows downtrend which is touching strong support levels (linked to this idea)
How will I trade this?
I will wait the break out of the trading range 0.6980 - 0.70270 (better visibility on H1). After successfull break I will use the retracement for enter long. I will post the H1 chart below the comments of this idea.
If you like my analysis and find it useful, please take a second and hit the LIKE button and follow me. It takes some time to create these posts and your LIKES let me know it is helpful to you. As always, any comments are welcome. Agree or disagree.
Please remind yourself that this is just my personal view on the market and you always should do your own analysis before trading
just to update my analysis. It seems we hit it right. Now we need to look for further long set ups. Stay tuned.