FX:EURGBP   Euro / British Pound
210 3 10
The EURGBP             made a nice impulse from 0.70 towards 0.78. I will be looking for either another bullish break towards 0.80 or a bearish break towards 0.74.

I've been trading this pair long as can be seen in my previous posts.
Have a look at the bigger picture first:

snapshot


I like to see at least a test of 0.80 for that upper channel line. However as long as price stays within the channel I consider this a consolidation. It is very likely that the Pound weakened due to some fear of UK leaving the EU. However I don't think that will happen which will strengthen the Pound at least short term against the Euro             .

Whatever the fundamentals are, for now the technical's are key. The 4 hour time frame shows a clear impulse higher of lesser degree and I'm focused on that for now.

The arrows indicate both bearish and bullish scenario. The convergence of price is presenting us a relatively safe trade if we let it complete first.

Updates will follow.

http://www.timstuyts.com

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Trade closed: target reached: I personally did not traded this pair long although I posted it here on tradingview due to the price action at market opening this week. However it made a new high after the break which was the minimum target. Updates will follow.
snapshot
+1 Reply
Hi Stuyts, correct me if i'm wrong, but maybe it's a head and shoulder pattern, so probably a bearish break.
+1 Reply
TimStuyts tabasc0
I don't think you are wrong with spotting a potential head and shoulder pattern. As long as it is in line with structure I will trade it but not because of the head and shoulder pattern itself.
But the bearish break will validate that pattern, once we see that I'll watch for a consolidation before selling towards 0.74.

Thanks for your input.
+1 Reply
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