On EUR/GBP price have pulled back in to unfilled supply which also happens to be lining up with the Midas Primary Resistance Curve (R1). Looking at the chart above price have made 1 leg (X-1) to the upside and is now expected to turn lower before attempting to move higher from the 200 Day MA. The 50 Day MA is also closing in together with R1 so price MIGHT end up to be rangebound. Once a direction have been picked in investor sentiment a strong move in either direction will take place, and its most probably going to be to the downside as EUR is much weaker than GBP and momentum is approaching overbought territory, creating a divergence to the downside. However, a close above 0.80 (supply) warns that the market is turning positive and that the bulls are stepping in, but as stated, I see this as highly unlikely and there is a lot of unfilled supply up there so any close BELOW the T-Line of the daily time frame is to stay short while a close above the T-Line through clear bullish conformation would mean to take profits and wait for another setup and a close below the T-line before considering going short again.
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Interested in learning more about MIDAS Technical Anlaysis? bit.ly/243vSou