EUR/GBP is entering an interesting area.
The high of 11th Feb (.7897) has just gone and this lies in a known resistance area. Also we have the 200 sma on the Weekly charts just above at .7937 and the trendline A - B is one that goes back to the start of 2000. Depending on how you draw this line the price is either above or below the line so its clearly still in play.
With the GBP still under pressure the risk is for further EUR/GBP strength but the pair may find it tough going with selling pressure building.
I'm looking to short this pair on a return and break of the 200 sma on the 1 minute time frame which coincides with today's open.
The high of 11th Feb (.7897) has just gone and this lies in a known resistance area. Also we have the 200 sma on the Weekly charts just above at .7937 and the trendline A - B is one that goes back to the start of 2000. Depending on how you draw this line the price is either above or below the line so its clearly still in play.
With the GBP still under pressure the risk is for further EUR/GBP strength but the pair may find it tough going with selling pressure building.
I'm looking to short this pair on a return and break of the 200 sma on the 1 minute time frame which coincides with today's open.
Trade active:
Just gone SHORT this pair as we're holding below the 200sma on M1.
SHORT from .7892. STOP .7910. Target to be decided.
SHORT from .7892. STOP .7910. Target to be decided.
Trade closed: stop reached:
Just lost this trade but still looking to SHORT this pair. .7937 is now key which is the 200 sma on the Weekly charts. This area coincides with WR2 so there's likely to be sellers here.