EURGBP is melting like an ice cream on a warm summers day. Second time this week we have taken advantage of the bears on EURGBP. We entered earlier this morning with an entry of 0.86745 and we are currently sitting comfortably in profit. We are going to patiently sit on this pair to hopefully see price reach our Take profit Zone at 0.86089.
Starting to make lower highs and lower lows, and just broke through 200ema and used it as support before a bounce downwards, strong SHORT on the weekly!! (Can look for entries on H1/H4) BIG PIPS! This is a Swing trade.
On the 1hr chart, we can see price has previous rejected at the current 1.68250 level. Creating a resistance zone.
I'm expecting price to retrace back to the highlighted Support Zone.
You can see from at the end of last week, price broke the ascending trend and has retested. This usually indicates a heavier sell off.
When you bring out the Fibonacci, you can...
Divergence spotted with GJ.
Accompanied with the Stochastic Indicator showing an oversold market.
We will be aiming for the previous support zone as we anticipate the market sells off.
Further to our analysis yesterday of GBP/JPY we are due to see a fall on the pair. Price yesterday was bullish therefore we didn't send the signal out to the group as there was not enough confirmation to see any bearish movement due to the british pound being so strong.
A day later and we believe we are ready to see that British pound drop to as low as 144.300...
Looking at the 1 Hour and 4 Hour Charts. we can see a strong descending trend.
1.57700 was previously a strong Support, but has since turned into resistant level as a new higher-low has been created. Price tested the previous support and was rejected and therefore following the descending trend.
We have seen the 50 day cross over the 100 day Moving Average which...
So another similar set up here on another GBP!
So a very similar trade to our last one which was posted earlier: (What goes up must come down) & (Lets try again).
So what we can see here, the British pound has spiked throughout all currency pairs today which is the 04/02/21.
The main cause to this i believe is 'BOE Rapid U.K Rebound Following Johnson's vaccine...
From first glace at this chart you can see we are in a descending market.
Using the basic Support & Resistance Levels, you can see we are testing a strong level of resistance. In addition to this you can see price wasn't able to break the downtrend and therefore, I do not see any indication of a reversal.
The Stochastic Indicator is also sitting at 55, showing...
GBPUSD made a nice bullish rally last week but was halted on Friday when price consolidated and ended bearish 0.67% from the yearly high. From a sentimental perspective, the UK still remains in lockdown meaning no consumer activity in major sectors and this could be the cloud that rains on sterlings gains past 1.37! Any tones of lax-lockdown measures on the...
