EURGBP - Topping out
Updated
The weekly chart shows a H&S pattern , and right now we stand, for the second time, at the right shoulder. Although the weekly chart doesn't scream sell, if you look at the daily chart, it offers an excellent opportunity to put on a bet. The daily chart shows a double top, with a false breakout, after a buying climax. Note also the bearish divergence on the histogram, which makes the daily chart look fantastic. I believe that the rally yesterday was a retest of the false breakout.
I am looking as a first target for the H&S neckline, and if that breaks, we will probably see 0.8. Soft stop above this swing high.
I am looking as a first target for the H&S neckline, and if that breaks, we will probably see 0.8. Soft stop above this swing high.
Trade closed: stop reached
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