EUR/GBP is knocking on the 0,886 the last days, and also did so two times before. So with the third try a breakout to direction 0,90 seems possible.
Higher highs and higher lows are showing an uptrend. At the moment it is pending very close near the border to breakout.
Our preference: position bought above 0.8830 with targets at 0.8860 & 0.8880 in extension.
Alternative scenario: in break of 0.8830, a continuation of the decrease will be envisageable with 0.8815 & 0.8800 in line of sight.
Comment: A support base of 0.8830 was formed and allowed temporary stabilization
Our preference: sales position below 0.8815 with targets at 0.8715 & 0.8675 in extension.
Alternative scenario: in excess of 0.8815, aim for a continuation of the increase with 0.8835 & 0.8870 in line of sight.
Comment: The RSI is misdirected.
congratulations to those who decided to read the description on the previous EURGBP idea ahead of the UK elections (related idea) ... those who decided to enter via fibs, or via price on the Long side are already in from 0.867xx ... and are perfectly positioned to add here on any spikes below via exhaustion.
Our preference: sales position below 0.8850 with targets at 0.8775 & 0.8745 in extension.
Alternative Scenario: In excess of 0.8850, aim for a continuation of the rise with 0.8870 & 0.8900 in line of sight.
Comment: The RSI is badly oriented
Our preference: position bought above 0.8775 with targets at 0.8860 & 0.8900 in extension.
Alternative scenario: in break of 0.8775, a continuation of the decrease will be envisageable with 0.8745 & 0.8715 in line of sight.
Comment: The RSI is well oriented.
For the past several days, the EURGBP pair has been trading on a descending triangle. As what the formation suggests, a downside is imminent from this day forward despite the spike up. I actually had a long setup at 0.86020 wherein an inside bar pleasantly formed just about the 200sma along with a huge bullish pin bar as the mother bar.
I've drawn a second...
EURGBP found enough energy to break out of the triangle but it appears as if a 78.6% level may be putting a slight hold on the upward move. The anticipation is that the fib level will hold and that the move out of the triangle is a fakeout. Look for more downside order flow if price moves back into the triangle.
Confluence of three resistance: 0.8600 is 200 DMA, trend line resistance, and 61.8fib these 3 can act as resistance
If it breaks this resistance, then in breakout territory and inverse Head & Shoulder comes into place and takes this up to 0.8800.
Hey Guys,
Red or Blue?
Watch for the last flag, we could brakeout and make the red move or reverse and complete the blue ABC structure before the big drop.
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Hola Chicos,
Rojo o Azul?
Al tanto con la última bandera, podría haber ruptura y hacer el movimiento rojo o hacer reversión y completar la estructura ABC azul.
Carlos
Guys.....
For those who are trading sterling exposure, here is one to be looking at. Technically speaking, EUR/GBP began rolling over from a lower high starting in February. This may be the right shoulder of a head and shoulders top. Strong support at .83300 from the neckline, trend line and 50d moving average must be broken to confirm the top.
We heard words...
Hey Folks,
We have an amazing opportunity to go long. Wait for breakout of the structure and then a flag to buy!
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Hola Amigos,
Tenemos una gran oportunidad de compra. Esperad al breakout de la estructura y siguiente bandera comprar!
Carlos
Waiting to see the GBP Construction PMI. If they come out with strong numbers, then this will fall like a brick. EUR is coming out with Core CPI Flash Estimate y/y and CPI Flash Estimate y/y. They do tend to move the market. Keep an eye on this pair after the release. My rule of thumb is, i'm never trading on the wrong side of 10EMA, and never going into a reverse...
