On August 16th we looked at a rising wedge that had formed on the EURGBP 4-hour chart. At the time the pair was trading at 0.9104 and hadn’t yet broken free from the ascending pattern. Fast forward to today and we can see that the Euro cross is trading above former wedge resistance. Buyers closed the pair above the level during the August 23rd session and subsequently held their ground during the August 24/25th retest as new support. Despite last week’s breakout, I didn’t consider going long. One of my rules is to avoid buying into bullish exhaustion patterns or selling into formations that suggest bearish ... (full story)