theforexportal

EUR/GBP in a flag - which way will it break? SHORT is my guess

Short
FX:EURGBP   Euro / British Pound
Since the end of March, EURGBP has been locked in a 180 pip range flag. We've just seen the top of this flag rejected and with WR1 pivot in this area it seems unlikely that we'll see price move higher any time soon.
I'm in SHORt at the top of the flag at .8800 with a 20 pip STOP. We should see a move down to the bottom of the flag now at .8700 area. If this level is tested and fails then we could see a large move south as there's little support if price breaks .8660. One to watch.