EURGBP: Looking for further BEARISH Continuation
Updated
Hello, everybody and welcome to Cybernetics Trading Lab, today we are going to analyse the EURGBP, translating the market information by using a full technical analysis on different time frames, giving you a personal opinion about the next most likely market movement and helping you to spot and manage market opportunities.[/I]
Higher timeframe:
Lower timeframe:
At the end of September, this market reached an interesting swing, and we could see a strong bearish impulse lasted for more than 500 pip. Initially, the market started correcting, retracing and forming a flag structure and it performed a new strong impulse to the downside.
Enough bearish confluences are still in line with the overall bias and if the market will develop further bearish price action, it could be a great market opportunity for the upcoming week.
When, where and why would we step into the market?
Currently, the market is retracing and many different scenarios could happen! Overall, if the market will form a new structure, we will definitely take advantage of it but however, we don't exclude the possibility of a bigger and deeper structure before a potential drop, that could last for a week or more!
If you enjoy this trade idea, please support our work with a thumb up and don’t forget to follow our social medias!
Sincerely,
Cybernetics Trading Lab
DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose.[/I]
Higher timeframe:
Lower timeframe:
At the end of September, this market reached an interesting swing, and we could see a strong bearish impulse lasted for more than 500 pip. Initially, the market started correcting, retracing and forming a flag structure and it performed a new strong impulse to the downside.
Enough bearish confluences are still in line with the overall bias and if the market will develop further bearish price action, it could be a great market opportunity for the upcoming week.
When, where and why would we step into the market?
Currently, the market is retracing and many different scenarios could happen! Overall, if the market will form a new structure, we will definitely take advantage of it but however, we don't exclude the possibility of a bigger and deeper structure before a potential drop, that could last for a week or more!
If you enjoy this trade idea, please support our work with a thumb up and don’t forget to follow our social medias!
Sincerely,
Cybernetics Trading Lab
DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose.[/I]
Note
The market proceeded developing more bearish price action, as previously forecasted, we were looking for a pattern like this to confirm the potential next bearish movement.
Trade closed manually
A short position has been opened and closed manually after a market reversed.
The overall bias is neutral, and we won't be looking for any other trade on this market.
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Disclaimer
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