Day chart: Yesterday's big red candle indicates short bias on this pair. Price may keep going down to test 1.6800 support.
4 Hour chart: Wait for a consolidation to see if there is a reasonable stop loss when price breaks yesterday's low.
Pound currently showing weakness against the dollar. My longterm view of the pound is that it will see 1.1500 next year and aren't really looking for too many buy trades until it proves its got strength. However in the mean time it is sitting in a precarious position above 1.22500. A break of this level will see us down to new strong level of 1.2500 which has been...
EURGBP is currently range bound. i am Awaiting a break out either side of range on the 2 hour to initiate either buy or sell trade.
Downside targets would be a test of lower trend line around 0.826-0.82500 area
Upside targets at 0.85000
Price has printed an indecision candle on resistance on the weekly and on the daily, potentially showing that the bulls have run out of steam
If price breaks below the daily indecision candle, I will go short targeting the previous resistance level.
After breaking out of a four month range the pound had a sharp decline against the dollar in October, since then the pair has been pulling back and it looks like we could be due for a further bearish decline,the pair has pulled back into a key Fib level and rejected.
I believe we are going to see Eurgbp make a move to the upside towards the 0.92523 level. As you can see we've already had a spike at that level previously in September, the market has pulled back significantly, which i believe is only a breather in preparation for another rally to the upside.
Moreover if you look back, you'll see the 0.88285 level acts as a key...
So we have just bounced off a weekly resistance point creating a new higher low which is the first sign of shorting this currency pair. Secondly we have a nice engulfing candle which has closed on the breakout of a trendline. Thirdly we have got our first crossover with the MA's. the first initial target should be the monthly support line (RED)
Though British Pound is weak, Japanese Yen is even weaker. It seems that the SHS bottom is going to complete if there is a strong candle completed above the resistance zone. Look for long entries if a strong candle like this appears.