LizzyD
Short

EURGBP Bat Trend Continuation Pattern Developing 1hr Chart

FX:EURGBP   Euro / British Pound
38 2 5
EURGBP             has been up trending for some time now. Point 'C' of a Bat Continuation Pattern has taken shape and price is now headed toward 'D'. The last 1hr candle was red, posting a lower low and lower high than the previous candle, which was a nice pinbar at the top of recent price action. This is a nice bearish signal. I expect price action to continue to fall toward 'D', with a possible turn around at the Daily trend line . 'D' falls within range of the 0.382 retrace of the most recent upward price movement from 2017-05-10 to 2017-06-12.

My strategy, short (carefully) followed by a long.

This is not trading advice.
Comment: I wish I had taken that short yesterday...
I won't be taking a position now, in either direction, until after Mark Carney has spoken in about 5.5 hrs.
Comment: Price has touched the Daily trend line. I'm watching now to see if it wants to turn around here, or continue down toward 'D' to complete the Bat formation.
Comment: P.S. Mark Carney speech earlier was cancelled.
Thank you for your comment and chart. I agree that in the bigger picture the price is headed up, but I think there will be a brief pullback before then. Time will tell.
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I have a different aspect on this pair. Please have a look at EURGBP:
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