Brexit talks are weighing heavily on this pair with the rise attributed to speculation that the UK may invoke Article 50 sooner than expected. This increases the risk either way on this pair as you just dont know how the market is going to react.
However im still inclined to look for selling opps.
while its a bad idea to fight the up trend i also dont want to be buying a top.
price has rejected my previously identified weekly resistance but the most key thing for me is that everyone seems to have flipped their bias and decided to buy EURGBP just because the right shoulder didnt form last week as we expected. This seems to me the perfect time for the market fake higher, suck in longs then sell off
H1 chart shown we can see very low volume around at the weekly key resistance level
i would be looking to enter the trade possibly at market with a stop above the weekly R or waiting for more bearish confirmation.
Lots of downside room, alternatively, if we break above weekly R then I will be looking for us to target 0.90 highs
However im still inclined to look for selling opps.
while its a bad idea to fight the up trend i also dont want to be buying a top.
price has rejected my previously identified weekly resistance but the most key thing for me is that everyone seems to have flipped their bias and decided to buy EURGBP just because the right shoulder didnt form last week as we expected. This seems to me the perfect time for the market fake higher, suck in longs then sell off
H1 chart shown we can see very low volume around at the weekly key resistance level
i would be looking to enter the trade possibly at market with a stop above the weekly R or waiting for more bearish confirmation.
Lots of downside room, alternatively, if we break above weekly R then I will be looking for us to target 0.90 highs