EURGBP Short

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bax699

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Well well well. A look back at EURGBP and i have been saying for a long time this is going down. Initially from the 0.9 area and also since xmas too. Weve been in this small wedge and its ended with a break out below the support area .

This gives us a simple rule set for a nice entry for a short. That's if you havent already been short since we last looked at this pair. Wait for a pullback in price to retest the broken support and sell that sucker. Nice and easy for us all. Enjoy the rest of your weekend :)
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Back to EURGBP as i know a few of you were looking at this pair. We were sitting down at the 0.83 price point. i dont think i could of made it easier for you to get in on this sell position. Price came right up to the magic blue circle and rejected nicely off the resistance zone . Creating a morning start candle on the daily, currently were in a Doji on the daily but obviously it hasnt finished completing yet, but it looks like its possible it could turn for the sell. This should of been your trade idea. a nice run down to the 1.6 extension fib for a 4.9 R:R and 300 pip possible move. Hope you caught that one, if so should be currently 40+ pips up. lock it to break even and let it run.
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Nice analysis there Lee . If that Resistance zone holds it's nice Sell for a tantalizing 300 pips 👊
Again anyone looking to know how to analysis charts please bookmark these charts, as they say a picture paints a thousand words ✔️
 
Another great spot from you mate. Some great risk reward on the trade too and a relatively easy 300 pips hopefully.
 
bax699 said:
Back to EURGBP as i know a few of you were looking at this pair. We were sitting down at the 0.83 price point. i dont think i could of made it easier for you to get in on this sell position. Price came right up to the magic blue circle and rejected nicely off the resistance zone . Creating a morning start candle on the daily, currently were in a Doji on the daily but obviously it hasnt finished completing yet, but it looks like its possible it could turn for the sell. This should of been your trade idea. a nice run down to the 1.6 extension fib for a 4.9 R:R and 300 pip possible move. Hope you caught that one, if so should be currently 40+ pips up. lock it to break even and let it run. View attachment 274923
Click to expand...
Another hour or so and i think we will be in the zone ready for the sell off!
 
If you follow these setups and analysis then you should be in this trade now. I marked out the good entry zones in the magic blue circle. Price has came up and touched it for the second time, rejected the previous support which is now confirmed resistance, giving us an entry point. This gave us a nice 1 - 4.9 R:R , the next zone to be careful of is the support level below from the previous support. If it breaks through that then TP should be successful. GLIYF
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Alot of people have been asking about EURGBP as it went miles past the blue circle which was my prediction. This to me looks like the current situation. I would say we are literally right on the edge of switching between bearish and bullish . Price has made equal lows to the bottom and equal highs. For it to turn bullish for me we would need to see a higher high form and daily candle close in the yellow circle. That would signify the switch in bias. Until then im still looking for price exhaustion in these areas. It also looks to be in this big 300 pip range, we could just bounce top to bottom until some certainty appears. A move either way in the yellow circles will signify the trend direction, for a further move going forward. stay safe out there the markets are wild at the moment
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EURGBP has been bearish for a while now. But it looks like there could be a new bull forming. We have completely broken out of that big range it was bouncing up and down in. Price has rejected off the 0.382 Fib, so for me i will be looking for buys if price comes back down to the 50%, previous resistance at the top of that range should turn support, if it holds then i will look for the buy. Its also possible we could break below depending on what GBP has to offer, note RSi is overbought so drop should be imminent.
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Been a week since we looked at this pair, and it seems that i was spot on with the call on the hold of price on the 50% fib level. Quite ironic as its not a genuine fib level haha. But just look at those candles, only one wick popped below. The rest were dead on the level. My thoughts is that price might go up to retest the larger weekly trend break, around the 0.236 fib in the magic blue circle, i know you like those :)
Then i think we could revisit the 50% level again. But currently we are 130 pips up from the 50% level i suggested to buy from. Look out for that top fib level for a reversal. GLIYF
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Well EURGBP has taken quite the turn. The bull has been tremendously strong these past few weeks. Im not sure how the EUR has remained strong throughout all this trouble with the virus, especially with Italy being so bad. It even had a good run at the Dollar. But against the pound its a clear winner currently. But where will it stop? Im guessing at the Sep high area of 0.914-0.918. if it blast through this area then look for a double top , but its also possibly we could reach new recent highs. One thing i know is that the sell will return a huge amount of pips. All it takes is on piece of good news coming out of the UK. But for now beware of the bull. patience with this one now as its too late to join the ride for me, ill catch it on the way back down
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bax699 said:
Well EURGBP has taken quite the turn. The bull has been tremendously strong these past few weeks. Im not sure how the EUR has remained strong throughout all this trouble with the virus, especially with Italy being so bad. It even had a good run at the Dollar. But against the pound its a clear winner currently. But where will it stop? Im guessing at the Sep high area of 0.914-0.918. if it blast through this area then look for a double top , but its also possibly we could reach new recent highs. One thing i know is that the sell will return a huge amount of pips. All it takes is on piece of good news coming out of the UK. But for now beware of the bull. patience with this one now as its too late to join the ride for me, ill catch it on the way back down View attachment 276115
Click to expand...

It all depends now on how badly will EU or UK hit by coronavirus. Volatility is high, uncertainty is very broad, I would rather wait for more definite times.
 
Well everyone, i looked at all the charts today and didnt know which one to mark up and analyse. They are all in a mess. Literally all the pairs i follow, technicals have been blown away eurgbp has moved up since 18th march so exactly a month 2200 pips. Its purely fundamentally driven by the problems were all facing. We can only look to join along the ride at these moment in times. The pound has fallen to all time lows against the dollar and now the euro . AUD has fallen to all time lows. Its crazy what we are witnessing. So remember the trend is your friend currently buy on pullbacks to the 0.786 fib if possible we get any. Be careful who knows it could fall out of the sky. If you trade use a tight stop loss and risk management otherwise you can get in trouble. GLIYF
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WEll since we last looked at eurgbp we have dropped a couple of hundred pisps. We can see price came down further and rejected off the .618 Fib level. But was soon back to this region of the previous high levels around 0.91-0.92. Seems to be holding here for the current moment in time. i still think we shold see more of a pullback to the .618 fib again at least. if we make it there then i will buy, ideally i would like it to get to the 50% level for extra conformations, but beggers cant be choosers in these current market conditons. Buy the dips currently until structure is broken then we will re assess. GLIYF
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