EURGBP is approaching its resistance at 0.8609 (100% Fibonacci extension, 76.4% Fibonacci retracement) where it is could reverse down to its support at 0.8539 (horizontal swing low support).
Stochastic (89, 5, 3) is approaching its resistance at 95% where a corresponding reversal is expected.
Comments by opposition leader Jeremy Corbyn, hinting that a referendum could take place while also supporting the case of an election, coupled with Junker’s statement that he warned May against extension beyond May 23 appear to be fanning the flames on May’s already fragile position.
The overall sentiment is that the EU is hardening its stance against the UK, as...
D1 - Price reached the downtrend line, if we didn’t get a valid breakout here, we may then expect the price to respect this trend line and move lower again.
H1 - We have a critical zone that has formed based on the cycles and the downtrend line.
Price has currently reached this zone, we may now look for possible sell setups in order to join the bears.
I believe we have a Long on EUR/GBP when cloud breaks. We will see it hit Fib Retracement levels of .618 (TP1), 1.0 (TP2) and Resistance at Top of 0.8652.
Stop loss is set to 1:1 R/R Ratio. Price will break above daily price cloud.
EURGBP long current live position explained. I have taken this position as a speculative move, entering at 0.86257 SL is tight at 0.86000, solid technical and short term fundamentals supporting the move, however Brexit remains a driver that will affect this trade, (please watch my video for detailed technical analysis.
Disclaimer: This video is intended for...
The recent bear momentum in EURGBP has slowed with price flattening out along a major support line.
We expect price to rebound towards nearest resistance.
High reward:risk trade with a tight stop below support and target resistance lines up with the 38.2% fib.
Buy
TP: 0.86840
SL: 0.74720
price currently in downtrend with multiple touches on the hourly. wait for market to reach downtrend again, if market begins rejecting from Resistance level could be a great opportunity for a sell
The Euro vs. the British Pound. This pair represent a cross between the two largest economies in Europe, the Euro Zone and the Unites Kingdom. The pair is greatly less volatile than other Euro or Pound based crosses because of the economic closeness and interdependence between the two. Changes in monetary policy between the Bank of England and the European Central Bank can make this pair extremely sensitive.
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