AMMT
Long

Pullback before more up moves?

FX:EURGBP   Euro / British Pound
32 0 4
The EURGBP             pair seems to have initiated a pullback, possibly to the 0.8-0.81 area which corresponds to the 61.8-50% Fibonacci retracement from the low of mid-end of May 2016 to the high of mid August 2016. The weekly long-term GMMA (blue group of EMAs) is expanding upwards indicating a high probability that the current price movement is indeed a normal pullback in an well established uptrend. Therefore we might play this pair in two ways: the first (the aggressive way, since it goes against the overall uptrend) is to short the pair from the current high to the 0.80-0.81 area, with subsequent long position form there to the 0.95 area, corresponding to the 127% Fibonacci extension of the pullback. The second alternative (the conservative one) is to wait for this pair to reach the 0.80-0.81 area and go long from there to the 0.95 area.

The overall bias is to more up moves of this currency pair.


Lets see what happens!

Happy trading all!
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