EURGBP. On a reversal point
Updated
EURGBP pair has arrived to a critical level once again: historically. 0.77 has been a turnaround point.
This time the outcome is not as clear as on previous times: despite being a strong reversal point, the pair has been in a downtrend since almost seven years ago. On another side, Brexit, although lost some fuel, is still there and closer we get to the Referendum date, higher will be the volatility on all GBP pairs.
My view is that. if next weekly candle closes below 0.77 area, will short the pair, targeting 0.63. Otherwise, it may again pop to 0.80-0.82.
This time the outcome is not as clear as on previous times: despite being a strong reversal point, the pair has been in a downtrend since almost seven years ago. On another side, Brexit, although lost some fuel, is still there and closer we get to the Referendum date, higher will be the volatility on all GBP pairs.
My view is that. if next weekly candle closes below 0.77 area, will short the pair, targeting 0.63. Otherwise, it may again pop to 0.80-0.82.
Note
Arriving to a reversal point. If passed and secured, this is a good selling option for me (chart below)Note
0.809 looks like a very good level for buying, targeting 0.91-0.95Note
And here we are: 0.90 looks really close now
Please, follow your strategy! Always!
If there is no strategy that has proven itself successful, please do not trade with real money!
If there is no strategy that has proven itself successful, please do not trade with real money!
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