The ECB’s new hawkish rhetoric and disappointing UK PMI data helped EUR/GBP rally yesterday, and it could actually open the door for even bigger move higher if the pair can break its previous high around 0.8620.
However, it is worth noting that yesterday’s rally did briefly push the 4h RSI into overbought territory, so perhaps there is room for a move lower on profit-taking over the short-term.
It is important to remember that all trading carries risk, and near-term direction will probably come down to what the market expects from both central bank’s upcoming policy decision.
Either way, it should be interesting to watch.
I see Supply just resting there too.
Like this setup nice Double Top for all you pattern traders 
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Definitley, But that upward momentum may take some time to revert
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Agree, especially on the HTFs ill be watching this pair rather than trading it for a while yet
Almost double top but yes. 
EURGBP idea
Ok so from last week I closed off my sell position in profit. With the drive down stalling and consolidating its time to look at the next set up.
Currently with GBP on bank holiday this week I will be looking for EUR to have some strength.
We have relative equal lows and a fib retracement level to use as confluences going in to this trade.
Where I have my entry we have an imbalance in price that would be good to be filled in this only needs to be 50% of the candle so looking at London open if we break down to the zone then Keep a close eye on market structure.
Remember key entry and price action will be needed.
Make sure you use proper risk management when trading. Let me know how you get on.
I like the idea of sweeping the liquidity below them lows
EURGBP is traded within a triangle in the daily chart. A bullish breakout at the horizontal resistance may attract the buyers to go long in the pair. On the other hand, a bearish breakout at the up trending trend line’s support may drive the price towards the South.
EURGBP Buy set up
I was looking for this pair to drop down last week but we never got the set up.
Instead this pair came up and made relative equal highs and has broken back down quickly today.
Using the fib on this set up I will be looking for an entry between 70% and 79% where we will break down in to the liquidity below and the imbalance in price.
Ideally price will reach the 79% and the top of my grey box area which is the top of the last bullish candle.
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They equal lows look so inviting to be swept and then move to the upside
Looks like there’ll be turmoil for this one
EURGBP
Looking to take the highs out from last year and making good progress. With this pair I am overall bullish at the moment on the higher timeframes but will also be looking to sell it short term on the extreme moves like these.
Looking for the next area where we could get a reaction and to the left of the SL zone are relative equal highs and I solid amount of liquidity taken so would start looking for the short term retracement and the gathering of orders before the next leg up.
With any of these set up’s we are looking at higher timeframe areas of interest and then dropping down to lower timeframes for entry’s. Looking for a smaller TF break of structure and then retest of the area in to an entry move.
Key entry and price action will be needed.
Make sure you use proper risk management when trading.
Let me know how you get on.
You were right mate, it has dropped like a rock! Currently freefalling as I type.
EURGBP
Last week I managed to get on the sell of the break up and the retest back to the trendline.
Now re assessing this pair you can see we are respecting the trendline to the up side. Also the red line marked out where we made the high has now left relative equal highs on the daily TF.
When looking at charts there are many things to take in to account but I like to look where is the liquidity. Here it is above the equal highs and below the break of the trendline.
So I will be waiting on my hands to see which if these gets taken first and then look for the move to the opposite side.
Let me know what you think of this and I will get back to you with an update later on.
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Good plan to wait it out. Can’t lose money when you don’t trade.
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It really is a massive part of trading. Capital protection is one of the key pillars of being successful
Like your Sell idea as it still appears bullish to me could also get the buy when price drops
EURGBP Update
Still no big push but slow steady drive up.
As you can see I have added tomorrows news events to the chart to remind us of whats to come.
I see the sell coming in to play and would like to push up to the top of the yellow box tomorrow and then news drive price above the highs and then look to sell off.
But this is only the idea and we know news pushes price so we dont trade news just the after effects.
We will see what this event brings and look for opportunity’s to use it in our favour.
When looking at charts there are many things to take in to account but I like to look where is the liquidity. Here it is above the equal highs and below the break of the trendline.
So I will be waiting on my hands to see which if these gets taken first and then look for the move to the opposite side.
Let me know what you think and good trading.
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Nice update i like the look of the sell after taking that recent high
EURGBP Update idea recap
The trend line mapped out last month has been significantly broken on 4 hour and daily.
Using the fib we place and marked out areas of interest you can see we have retraced significantly. Looking for a set up I have adjusted my entry area as I feel we could still see a final push to take out relative equal lows.
We have see the EUR drop to a huge low for many years and hit 1.000 against USD.
Breaking the trend line and taking out buyers liquidity for the short term i will be looking to target the highs but take partials along the way if we get a good entry set up.
Keep a close eye on market structure and remember key entry and price action will be needed.
