EURGBP: Anticipating On A Strong Pound In The Future
Updated
Welcome traders around the world to this new trading idea!
We are looking at the EURGBP pair today and looking for short positions on this pair.
The two horizontal black lines do mark a daily gap, which was filled with the latest price moves. Price did form a new peak high during this uptrend and we want price to do a nice top before its breaks down.
Trend line is already broken but this has not that much value as price action is my preferred tool.
Also in our favor we can see that other GBP/XXX pairs, which have been weak lately are recovering. So correlation indicates that EURGBP will be bearish with a strong Pound in the future.
Lets see how this works out and wishing everyone a successful trading week!
We are looking at the EURGBP pair today and looking for short positions on this pair.
The two horizontal black lines do mark a daily gap, which was filled with the latest price moves. Price did form a new peak high during this uptrend and we want price to do a nice top before its breaks down.
Trend line is already broken but this has not that much value as price action is my preferred tool.
Also in our favor we can see that other GBP/XXX pairs, which have been weak lately are recovering. So correlation indicates that EURGBP will be bearish with a strong Pound in the future.
Lets see how this works out and wishing everyone a successful trading week!
Trade closed: stop reached
SL Hit.
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