EURGBP - Daily - Very stupid pair, but nonetheless...
As I said, this is a very stupid pair to trade. It always has a mind of it's own. But maybe it's that clever, that actually I am the one who's stupid. Nevertheless, I like to analyse it.
So as with my previous post with the EURUSD, I believe that there is an element of surprise here. But enough about conspiracy theories...
Look what it's forming here.
On the Daily we can see that it is kind off stuck in this horizontal channel/potentially wedge (if measuring the distances). Now, there is a formation of a double top, which is also a good indication of a downwards move.
Also, we have been getting squeezed for the past couple of days, so it is signaling that this pair might blow up to one of the sides. Probably, if everyone is SHORT, then it would be perfect for this pair to quickly explode to the upside, wipe out every SHORT and nicely sell off.
What can I say, it is a risky pair to trade. But we're all human and sometimes we like to gamble. By "sometimes" I mean from Monday to Friday. =)
As always, keep an eye on the price action!
So as with my previous post with the EURUSD, I believe that there is an element of surprise here. But enough about conspiracy theories...
Look what it's forming here.
On the Daily we can see that it is kind off stuck in this horizontal channel/potentially wedge (if measuring the distances). Now, there is a formation of a double top, which is also a good indication of a downwards move.
Also, we have been getting squeezed for the past couple of days, so it is signaling that this pair might blow up to one of the sides. Probably, if everyone is SHORT, then it would be perfect for this pair to quickly explode to the upside, wipe out every SHORT and nicely sell off.
What can I say, it is a risky pair to trade. But we're all human and sometimes we like to gamble. By "sometimes" I mean from Monday to Friday. =)
As always, keep an eye on the price action!
Comment:
THIS PAIR IS REALLY ANNOYING!