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 0.9200 (stop at 0.9230)
Posted Mixed Daily results for the last 3 days. Inside Soldiers have been posted on the daily chart. A bearish Head and Shoulders is forming. Trend line resistance is located at 0.9193. Bespoke resistance is located at 0.9200.
Our profit targets will be 0.9090 and 0.9020
Resistance: 0.9193 / 0.9200...
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 0.9108 (stop at 0.9138)
Broken out of the triangle formation to the downside. The formation has a measured move target of 0.8560. Bespoke support is located at 0.9017. Risk/Reward would be poor to call a sell from current levels. Reverse trend line resistance comes in at 0.9087. Bespoke resistance is located at 0.9108.
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...