The Euro vs. the British Pound. This pair represent a cross between the two largest economies in Europe, the Euro Zone and the Unites Kingdom. The pair is greatly less volatile than other Euro or Pound based crosses because of the economic closeness and interdependence between the two. Changes in monetary policy between the Bank of England and the European Central Bank can make this pair extremely sensitive.
price has come back down to support and in basing which is creating weakness.
Although we have only had one violent rejection of this level I think a good clean push below would be worth taking the retest short , but need to be nimble on this trade. The FTA is 30 pips away so wil have to monitor close
Another pair I am currently backtesting so not trading live funds on this particular opportunity - however there is a bullish Cypher long entry at market now on the Euro/Pound.
Ultimately I am more bearish on this pair than bullish - looking for this to trade lower towards the .8700 level, but as the famous quote/book says "Trade what you see..."
Good luck to ...
If you check my previous post you will see a long trade I opened on EURGBP, 3 days later and it has hit my take profit level and beyond. It survived some GBP news that hit Tuesday which slowed it's growth, but then continued it's movement upwards. Over 50 + Pips gained on this one trade! This trade was followed by a trailing stop which made it risk free around ...
Watch the breaking points of this potential flag formation.
I will make a brave call here and say BUY on this one with a target of 0.89440. But history shows, that I might be wrong on this particular pair, as it has a mind of its own.
This is a tricky one (as always), so this trade idea is only for today.
Keep an eye on the price action.
I am currently in a buy running nice profit with EURGBP. I entered this at 0.89135 after some neutral news hit earlier today, it's currently respecting the 38.20% Fib level. Quite choppy at the moment I think down to a busy morning tomorrow for the Pound, so I will see how this level holds out and adjust SL if needed.
Apologies for the crappy colours in the background, but it's just my Fibonacci levels.
Not much to say here. Flagging out. Ready for a pop!
Stay sharp and keep an eye on the price action!
