Stay short EurGbp or, if you prefear, long GBP!
Since the macro economic data started to improve, the pressure on the exchange rate has became stronger. The beginning of rates normalization will make the UK's currency more expansive versus the Euromoney.
At the same time, the chart seems to confirm the bearish view: It is unlikely (given also the macro-analysis)...
My bias is for short. There is a confluence of
- d1 line chart; day tf suggests a distribution pattern in place. ( red lines)
-d1 fib5
- h4 channel top
- h1 channel top with macd divergence
What I really wish to see is for price to be kept pushing higher till Tues or Wed when price exhaustion can be suggested and short will be possible. Hence my plan is not to...