Sinuhet
Long

EUR/GBP - watch for major reversal!

FX:EURGBP   Euro Fx/British Pound
84 1 1
This is something what i have been waiting a long time for: a major reversal in EUR/GBP             ( GBP/CHF             ). I believe it is worth             to watch this pair closely. I put 2 red lines: if the price goes up you should consider to go long with a stop a 0,7914. Why so low stop? I looked recently on some major reversals in currencies and was surprised how many times it did a "double bottom"! Example: just look on the bottoming of EUR/AUD             in August 2012.

Personally I believe we may still go a bit lower (0,7910?). I am hesitating to go long here, because of USD positioning and because I believe that GBP/USD             has still potential to the upside. Once there is a clear reversal in GBP/USD             I will go long EUR/GBP             in case o reversal criteria displayed here are met.
Have a nice start of the week!
Sinuhet
Yes, if you go long here, you need a wide stop, well below the swing low. I don't think it's going to stop falling though. I'd be looking to go short either at 0.7973 or at 0.8033. There's where I expect to meet more sellers who are going to press it downward again.
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