Price action looks to be forming a top.
In line with the possible early stages of a head & shoulders pattern and the strong rejection of gains, we look to set shorts in anticipation of a swing lower.
We have a 50% Fibonacci pullback level of 0.9207 from 0.9090 to 0.9324.
There is scope for mild buying at the open but gains should be limited.
EURGBP - Intraday - We look to Sell at 0.9205 (stop at 0.9235)
A 5 wave bearish count has been completed at 0.9090. Buying posted in Asia. Posted a Bearish Outside candle on the Weekly chart. The medium term bias remains bearish. Trend line resistance is located at 0.9191. Bespoke resistance is located at 0.9205. Preferred trade is to sell into rallies.
EURGBP - Intraday - We look to Sell at 0.9240 (stop at 0.9270)
Price action has formed a bearish ending wedge formation. Bearish divergence can be seen on the 4 hour chart (the chart makes a higher high while the oscillator makes a lower high), often a signal of exhausted bullish momentum, or at least a correction lower. Rallies continue to attract sellers. There...
Third touch of ascending channel followed by a corrective double top.
Position taken on the break of the structure (I did get to it a little late so I have an additional 5 pip on my stop).
Profit target +6% to the bottom of the channel. Second profit target +19% to the beginning of the channel (ray line)
We have already noted that this week promises to be calm but The Jackson Hole Economic Symposium is an annual symposium, traditionally gathering representatives of all the leading Central banks in the world, might give enough reasons for bursts of volatility.
The most vulnerable are the euro and the dollar. Weak inflation in the Eurozone (yesterday's report...