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Eurgbpweekly

EUR/GBP overbought on H1 - looking to SELLOn Friday selling EUR/GBP looked a good thing. Price had fallen out of the up channel it was in and had re-tested the channel and failed to break back.. With RSI overbought I was happy to SHORT this pair down to lower levels. Mondays open saw GBP weaken quite dramatically and even with EUR/USD falling this was not enough to move this pair south - a clear confirmation of the weakness of GBP. EUR/GBP is now entering an area of strong resistance coming from the lower channel and historical resistance. We may move a bit higher from here (.7828) and WR1 pivot lies tantalizingly close at .7858 so ideally we'll get a quick spike up and a rapid retreat. I've a SELL LIMIT at .7857 on this pair with a 20 pip STOP however if we cross the 200 sma on the 1M chart - I'll go SHORT
Short
by theforexportal
EURGBP Could this be the end of the Monthly correction as well?This is the corrective structure of a weekly impulsive down move. If this breaks up with a motive wave we might be in for a very long bullish trend. If it breaks to the down, it means the correction is still in progress and could go down to the 127% or even 161.8% (overlapping the monthly 76.4%) marked on the chart. All this is happening around the 61.8% fib retracement of the Monthly wave up. This is only to have an idea about the longer trends, so we can place our short term orders accordingly. What do you think?
by fxmillions