I predict there will be an incline in price on GBP/EUR for the short time. once fully forming the head and shoulder pattern I think the price of GBP/EUR will decrease breaking its upwards support level.
The British Pound-Euro (GBPEUR) pair has been consolidating in its major triangle pattern since the referendum
on 23rd June 2016. A narrow majority (52%) of those voting supported leaving the European Union (EU) and the United
Kingdom is due to leave the EU on 29th March 2019 at 11 pm UK time. The recent failure to take out the downward
sloping trendline from the ...
GBPEUR testing its previous support trendline with RSI looking towards overbought.
Could be a retest down towards the 236 fib which will align with 50EMA.
Not anticipating a test back towards 382 due to the EMA and general uptrend.
In this chart you see a clearly defined wedge pattern. Multiple tests of trend lines is indicated by the arrows. After the break, price consolidated above the trend line resistance and is likely to continue further up.
Entry: above minor high of the pattern
SL: below minor low
TP: below Major Resistance
We see price action broke and closed above the neckline giving an opportunity to buy if the neckline is retested, the entry is determined by a 61.8% pullback which is actually a 2618 trade setup with targets extending to up 1.1315s even handle which is a D completion for a potential bearish Butterfly . Lets watch the market do its thing.
So GBP has been shit lately. And frankly, it deserves to be, with the hopeless negotiatiors of the Brexit team.
After the fall I've hypothesized about a rebound, but more and more it looks like this might turn into a proper downtrend.
- Downtrend channel with current consolidation precipitating another bearish impulse
- RSI and Stochastic trending lower, ...
Data from UK was weak - inflation was lower than expected, retail sales disappointed and employment change was a touch weaker. Things are not looking good in the UK and with Brexit still looming large ever closer on the horizon, GBP may be poised for new lows. With fundamentals weakening, what of the technical outlook? With GBP/EUR also trading below the weekly ...
GBPEUR is never my favorite pair however notice a strong support line below current market price. Entering any trades at this point is risk since there is alot of Fundemantals to come including ECB Zone and Sentiment , United Kingdom consumer confidence and nationalwide house pricing. Expect stop hunts to the red zone or possible trend breakouts