EURGBP seems like it is about to make another attempt to take out the previous high by means of an extension higher. If you are not in the trade yet, wait for a consolidation and watch for a possible buy continuation trade once the consolidation is complete.
Updates will follow
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My first buy got stopped out at break even (and a small profit to compensate for the swap). However this morning we saw another buy opportunity which I traded. Once we break above the previous high of this week I have to adjust stop loss. This is due to the fact that we might see only a bullish correction within a bearish correction of larger degree. Updates will follow.
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I didn't take profit but only adjusted my stop loss. In my original post I wrote: "seems like it is about to make another attempt to take out the previous high by means of an extension higher." Today's impulse might present another buy opportunity once we see a consolidation of lesser degree.
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This pair is moving slowly higher and I think we might see another leg higher. The 15 min time frame shows a nice continuation pattern. I will be looking for a bullish break after this minor consolidation to add another buy to my long positions.
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Arrows are indicative, I expect more bearish price action but let structure confirm that.
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sakseeda007
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Thanks for sharing Tim.....Your chart is very clean and easy to understand...:)
TimStuyts
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Thank you, I will update since we didn't see the bullish continuation and now we have another great trade opportunity for the short.