EURGBP reached its August 2017 highs, Momentum on this market is weakening all across the bigger picture therefore i am seeing a trade to be setting up here, wait for the market to break the trend line to execute the orders.
Trade safe & Good luck everyone!
So far we have been long on this coin, it's time to change direction.
We are a few dozen pips from a powerful double top pattern in the daily graph that will surely lead some declines.
The Stochastic is also in Overbought with cross lines.
The pound against the dollar is on serious support which could accelerate increase very soon.
It's a short. EU rallied and failed badly at huge resistance. it's highlighted by the blue line at the top. it didn't even touch and failed just below it. I've managed to enter at 0.91652, but one can still enter short positions at 0.9130-0.9135 range. downside will be huge.
The eurgbp above the important moving average lines (200,100,50).
The above upward trend has been going on for about 3 years and there are no technical signs of a change in the trend.
The eurgbp crossed its resistance this week at 0.9038 and is on the way to test its next resistance at 0.9284
this analysis is showing both ways warnings! so with evolving and every new information and move that the market is making we can read the intentions but everything can change, so ill try to explain euro pound here.
on daily tf is showing big divergence and is at the daily resistance and after the first motive 5 wave structure we can take all that (white...