It looks here that EURGBP spent June through mid September in accumulation. The purple rectangle. It then broke past the white trend line it has been toying with since last September. It then found resistance at a trend line it has been using as resistance since February. This caused it to fall back into the accumulation area and test the white trend line for support now. It found this support driving it back out of the accumulation area and past the trend line that it was using for resistance. It has hit the blue line and stopped. These blue lines are simply there to show areas it tended to hover around in the past. This leads me to believe that this currency pair will now fall back to the accumulation zone resistance line to test it and the gray line, that it was using for resistance since February that it finally broke, as support now. Giving what I feel will be a good opportunity for a long position to tp at The trend line it proved as resistance January thru march of this year. It has been using this line as resistance since October of 2021. For the goal of around 1.25 cents profit.
Comment:
It played out properly for the most part, but as you can see, this trade is over.