Don't blink and eye the BULLS have it this around maybe slow but trust us it surely get their .
The pair has had its share of the Elliott wave count added with the truncated 5 which came in a parcel (false breakout) completely completing the 9wave
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Finally the INVERSE AND SHOULDERS is broken and we have a another chart pattern formed on the NECKLINE in expectation of the retest giving us a FLAG pattern which signifies the bulls are currently in the market
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The pair has been on a down trend and has been respecting the descending trend line as the resistance where it has been pulling down from ,at this juncture the pair has currently broken the previous weeks HIGH after a very long mini consolidation in that zone giving us a double bottom which price respected and bounced off from ....Currently on the previous...
Its no news that the GREAT BRITISH POUNDS is about to sky rocket which will give rise to the GBP pairs across boards.Here is perfect clean set up which shows vividly from the W1 that the original trend is an ascending one and moving down to the lower time frame which brings us down to pretty multiply time frame analysis we can see clearly here on H4 that their is...
The ascending trendline channel has been broken giving us a HEAD and SHOULDERS chart pattern.A retest of the broken trendline will give us a very good reason to open up positions knowing fully well that we are about to ride the bigger fall seeing from the W1 timeframe which made its impulsive move and formed a correction which has just broken...The fall of EURGBP...
With the rate at which the strength of GBP is moving massively,the bias of the pair is about to change from LONGING the pair to SHORTING but this will be valid only if the ascending trend line is broken
The pair is clearly running in an uptrend but their are possibilities of the trend to breakout of the trend line a very strong PA would give me my bias on the pair,aside that their are other more confirmations attached to be to filter false trades