Another week, same result: no change. This pair has been stuck between 0.75 and 0.77
FOR THE LAST EIGHTEEN TRADING DAYS.
Much ado about nothing…
Good morning, traders!
After the crazy trip up to 0.80,
the pair has been stuck above 0.78 for days, until…
this morning, when this happened:
Hoo-f*cking-ray! About time too…
And now it seems it will rebound back above 0.7800. I closed my shorts and I am still waiting to see what will happen.
I agree, we are not quite seeing this safely away from 0.78, but it is only a matter of time… I am more
sure of it than I have ever been… Indeed, I have been waiting since July 2015…
Sadly it couldn’t break above 0.7750 before it formed a shooting star and a hanging man candlesticks on the 1-hour time frame and started falling again. Next target is around 0.7700, I think.
Hello traders!
Since my posts earlier this month (see above), the pair has edged higher and touched a 0.79 high; however, in the last few hours (see hourly chart below), the pair has tumbled from 0.79 to 0.78: will it now break back below 0.78, like on 1st March (see my post and screenshot from back then, further up on this page)?
Well,
the pair is now around the 0.7785 area,
so in theory the break below 0.78 has happened,
but it remains to be seen if it will hold over the next
few hours/days/weeks!
EURGBP has formed a short term Head and shoulder top, I have the neckline at 0.77000, a break of this level will confirm the pattern then a move down to the 200 dma is possible
Nice analysis, Dennis!
Nice also to see a fellow FXCM Marketscope user
Negative EuroZone GDP figures this morning…
…made this pair rally back above 0.78…
Weird stuff…
i was waiting for this to go up and its almost late here sigh…
Just gone LONG @0.7651
Well, that was shortlived. Went up a but, so put sl at be. Price fell back and out for 0.2 pips. 26 cents profit!
Ah well, Eddie, not to worry, maybe you were rightly going for a swing trade but
this beast has been stuck around the 0.78-0.80 area for ages and I am ever so
glad to see it making progress, one way or another…
Sadly, this went nowhere, as we are now around 0.83…
But, perhaps, the Pound will mount a recovery…