With the Brexit uncertainty once again beginning to haunt the GBP this morning, it may well be worth taking a chance with a long of EUR/GBP.
Daily chart shows a perfect pick up opportunity on the 78.6 Fibonacci level at 8723, the market low on 10th October 2018.
Previous support levels now plot a predictable band of resistance around the 8850/8865 area. However, the market remains firm so far today, retracing it's gains from Friday after a dip around the 8807 area which has held well this morning.
Other EUR studies are also beginning to show double bottoms, which may reinforce the probability that the Euro may come in for some modest recovery over the coming months.
A pullback to the 200 day Simple Moving Average at 8833 may still be possible today, which could represent a buying opportunity. With an absence of any major GBP data this week, it may be worth observing price's behaviour first if it dips below and trigger a long position on the way back up.
Longs can target 8896 (old support) or 9018 which is a 78.6 retracement of the decline from 90985 to the previously mentioned low of 8723.
Daily chart shows a perfect pick up opportunity on the 78.6 Fibonacci level at 8723, the market low on 10th October 2018.
Previous support levels now plot a predictable band of resistance around the 8850/8865 area. However, the market remains firm so far today, retracing it's gains from Friday after a dip around the 8807 area which has held well this morning.
Other EUR studies are also beginning to show double bottoms, which may reinforce the probability that the Euro may come in for some modest recovery over the coming months.
A pullback to the 200 day Simple Moving Average at 8833 may still be possible today, which could represent a buying opportunity. With an absence of any major GBP data this week, it may be worth observing price's behaviour first if it dips below and trigger a long position on the way back up.
Longs can target 8896 (old support) or 9018 which is a 78.6 retracement of the decline from 90985 to the previously mentioned low of 8723.
Comment:
Initial target of 8896 reached, which was actually Friday's High 0.88969
Run the balance to 9018, or close around the previous level of resistance on the approach to 0.8900
Good luck if you followed.
Run the balance to 9018, or close around the previous level of resistance on the approach to 0.8900
Good luck if you followed.
Comment:
Ok, so now we are 100 points onside and counting, and that's just from the 200 day Simple Moving Average.
The stop, for the remainder of the trade, can now be moved up to 0.8883 which will still be a 50 pip winning trade. I'd continue to run the rest and will update tomorrow.
Hope you all jumped on.
The stop, for the remainder of the trade, can now be moved up to 0.8883 which will still be a 50 pip winning trade. I'd continue to run the rest and will update tomorrow.
Hope you all jumped on.
Trade closed: target reached:
Sterling has been steadily recovering some losses today, so if you held some of the remaining trade, that has now been stopped out at 0.8883
A nice trade, just a bit disappointing that the Euro didn't bring much to the party. Maybe that tells a story going forward.
Hope some of you profited - I am running a private Skype room service should anyone be interested in joining. The room has some experienced successful traders in it, including myself along with some trainees that are new to the industry and are learning from us. There are other trading ideas, just like this one, for you to execute. In other words, there's plenty more where this came from!
Feel free to message me should you be interested. We are not a big show off operation, we are humble and keep quiet about what we're doing. Good luck.
A nice trade, just a bit disappointing that the Euro didn't bring much to the party. Maybe that tells a story going forward.
Hope some of you profited - I am running a private Skype room service should anyone be interested in joining. The room has some experienced successful traders in it, including myself along with some trainees that are new to the industry and are learning from us. There are other trading ideas, just like this one, for you to execute. In other words, there's plenty more where this came from!
Feel free to message me should you be interested. We are not a big show off operation, we are humble and keep quiet about what we're doing. Good luck.
There may be some value in holding some of the position a bit longer, even beyond 9018.