EURGBP continuing to look bearish

FX:EURGBP   Euro / British Pound
14 1 2
The EURGBP             has been a profitable trade for many dynamic traders.

Having entered shorts during the month of January 2015 we have been able to compound and profit on this.

Price expectedly bounced off the figure 0.7000 (arrow), formed a double top in a downtrend. Price stopped just short of a breather 0.382 level but found support at the 50MA (shown on chart).

There is a new short term bearish downtrend and in the coming days we would expect price to test the Figure once more. If price breaks through this will present an opportunity for further compounds.

For astute followers of Fibonacci you may wish to draw your fib retracements to see where price could go to.

Trend trading is the way and the doc spends just 30 mins a day.
This position following its pullback has stopped out for a useful profit. Many trend trading markets including the EURUSD have pulled back. The next available opportunity will now be a break of the 0.7000 RN for a continuation of the trend :)
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