tradewithhedge
Short

EUR/GBP trying to make medium term top here

FX:EURGBP   Euro Fx/British Pound
Hi Traders,

By looking EUR/GBP             I feel that this pair is currently trying to make a top at current place right now. By looking the weekly chart, we can see that we had a 'equal size leg' up and also looks five waves up ( Elliott Waves ) and keep in mind that we have the 61.8% fib here so its a important resistance zone here.
By looking the Daily chart , looks like this pair is building here maybe a head & shoulders OR a double top which both points to the same area. However, this patterns will only be valid if breaking the 8300 area which is the neckline.
And finally, the 4hr chart shows that we were in a clear channel which it broke yesterday. This bounce looks like a re-test of broken channel which is normal to happen. I currently have shorts in play from 8714 and 8660. My risk is at 8760.

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