Hello Traders,
It's funny and scary to see pound going up and down for every new poll released. But, I believe EURGBP currently over bought and will be a good short term trade. By looking at the volume and spread, there is clear mismatch between the volume and spread. Very little effort for this result. I can understand this because of the ORB poll released on Friday which gives 10 point lead for Brexit which causes the pound to fall sharply. But these sharp moves mostly will be short lived and the market will move up again. I believe this pair has good technical justification for sell other than volume spread analysis..
1) Previous structure resistance around 7930 area.
2) Price is over bought and Clear RSI divergence.
3) 61.8 fib level.
Good Luck!
It's funny and scary to see pound going up and down for every new poll released. But, I believe EURGBP currently over bought and will be a good short term trade. By looking at the volume and spread, there is clear mismatch between the volume and spread. Very little effort for this result. I can understand this because of the ORB poll released on Friday which gives 10 point lead for Brexit which causes the pound to fall sharply. But these sharp moves mostly will be short lived and the market will move up again. I believe this pair has good technical justification for sell other than volume spread analysis..
1) Previous structure resistance around 7930 area.
2) Price is over bought and Clear RSI divergence.
3) 61.8 fib level.
Good Luck!