EURGBP head & shoulders, price struggle and new covid-19 news.
In the curious case of EURGBP we have a very prominent struggle for price to push towards the upside. Price has struck the 0.90460 key area twice so far, with the second time creating a railroad track of sorts. Now with the third hit, at the right time (london gap) and forming a head and shoulders of sorts. We're in a prime sell reversal formation.
Now I do expect price to move towards the 0.89805 point for +50 pips then consolidating/bouncing a little bit before ultimately pushing for more towards the 0.89477 price point. This is also backed by the recent news of the new covid-19 which will set back the currency.
Now I do expect price to move towards the 0.89805 point for +50 pips then consolidating/bouncing a little bit before ultimately pushing for more towards the 0.89477 price point. This is also backed by the recent news of the new covid-19 which will set back the currency.
Comment:
Definitely did not go as planned as EURGBP spikes heavily due to the recent news. Even though it did go how we expected, we'll stay away from this pair until it cools down.
Trade closed: stop reached
