EUR/GBP - What a great pair to trade!

1st TGT hit. All longs closed. Waiting for Reentry for 2nd! (New 2nd TGT is 8363)

Nice move.
Lets WnW

halifax housing price index out worse then expected.....25mins to manu. data, ugly too?

if this baby can crack 8380 and close above tonite....i be happy waiting for PPI tomorrow....will take some off b4 then and pack it in at 8500?

This Baby, looks like, is moving with momentum. H1 close will give better idea though

Just IN long @ 8339
Lets WnW

I don't want to put the dampener on things here but this is running straight into weekly resistance at .8350 and around there.

This may be what's called an exhaustion spike and I will be loading shorts from here. Maybe we will get the larger (daily) head and shoulders reversal pattern.

@8357 now; New high of the day

@smikester, i really don't see any level below 8381, except a minor 8363
Can you post the weekly chart and resistance you posted about.

Regards

Here's a chart - it is clearer on the daily but if we break through here with no reversal it will be a very bullish sign.

watching GBP/CHF drift lower to buy zone at 5830-50 (testing support on weekly for 3rd time....that could decide when i get out of EG.....looking for correlation when there is some

Hi
I marked the levels on the chart.

Don't you think we should consider the more relevant(close past) levels for this, the 1st being neck of 8381 of the Daily HnS and 2nd previous broken support than tallying current levels with too distant/old resistance zone (though its important too)

I can be 100% off the mark but we have to only watch out.
Sure some retracement will be there (of past leg of move). Question is when? Answer can(?) be soon, but after what level.

(This move up is, surely, not a Spike)

lets WnW

P.S. Current H1 looks like going for bearish close ! Lets see the H4 close too.
Over all, yes, we are also overbought , going by basic indi's in h1 and H4

1. NIESR GDP Estimate: Published on Thursday at 14:00 GMT. This independent institute is usually more accurate in forecasting the GDP than other economists, and they also release their estimates on a monthly basis. According to NIESR, the British economy is growing in recent months, at a rate of about 0.6% per quarter. This release relates to the three months ending in June – the full second quarter. It will be very interesting to see if growth continues, or if the European problems hurt Britain as well.
2. Trade Balance: Published on Friday at 8:30 GMT. After the deficit fell to 6.3 billion pounds, it rose above 7 billion and disappointed the Pound, which was especially hurt two months ago. A small deficit than 7.3 billion seen last month is expected now.
3. PPI: Published on Friday at 8:30 GMT, together with the trade balance. While being more volatile than the CPI, producer prices have also exceeded expectations, showing that inflation is on the rise also here. Following last month’s drop of 0.6% in PPI Input (the main figure), a rise is expected now. Also PPI Output is expected to rise and boost the Pound.

(credit:forexcrunch)

GU to 5300? suspect we see 5105 b4 that

I was referring to the last three hours... There is some difficulty with Euro reaching 1.27 which I expect it will. I think we may drop back first.

I agree with everything you say except I see this overhead resistance at .8340 - .8360.

for me there's overhead resistance at 8378.....1.618 bearish bfly on the H1....if it overcomes that, on the H4 chart above, 8450 comes into play ("top" of broadening bottom)....8450 is also 1.27 extension fib# (projected 1-2) and yes i'm still sticking to that stubborn scenario of a big pullback dwn



but it may have enough juice for 8543? 0.618 expansion level drawn off the ABC on wkly and mthly bat pattern?

@ 8362; New high of the day;
2nd TGT missed by 1 pip (at least as of now) 8339 longs closed @ Trailing 8353

- Waiting on the sidelines as of now (Got to move ut of house) though 8381 level is not unreachable (Agree Archimede with your 8378 thingy).
Would be waiting for Short entry (retracement trade) after/close to that level.
Price Action kissing 8400 also won't be unexpected(was my 3rd TGT earlier)

- Gordon Brown Peso as expected(& posted ) is surely, relatively more weak than Euro against Dollar uncle on H1 & H4. But presently hanging at a important resistance turned support level (below DP 1.5159) . 1.5100 is possible, if breaks.

Lets WnWatch. Cya

EDIT: anyhow it hit 63 now, leaving me behind

i'm out at 8376....watching EU now, 3 drives pattern complete....swissy making a double bottom? went long loonie off the H1 pinbar 0416...CAD data looming tomorrow too

WnW like u forexsaint

green pips to all

Alright .. This Swing high (as of now) is 8380 (Expected)

Just IN Short @ 8374
1st TGT 8353
2nd TGT 8343
3rd TGT. not known yet
(Retracement Trade)

Lets WnW

P.S. Chances of this moving up are still there, forming a consolidating ascending triangle., up here.
P.S.2 Just broke down (false or true, yet to be seen)

looking gd....at least to the DP 8354 and then 8340 support?


GBP PPI is expected to be better after 2 previous declines....enough momentum to propel it past 5220 for a 3rd time? or profit taking might dampen move

the former resulting in the dwnside of EG?......take some and trail my friend

Yup.. been nicely moving as expected (at least till now)
yup 8354 is DP also.
8343 can (again Can) be a Turning Point (back up)
Lets see the PA (and momentum) to find out how much it really wants to retrace. Lower extreme for me will be 8200 (below which its very bearish)

Lets WnW

Missed 1st TGT
Out at BE.
Waiting on the sidelines


EDIT : As usual pre-open opposite swing..looks like.
Hit 8383 and falling hard back (at greater speed) to 8365.

Lets WnW

This Circle (False Break/Stop Hunting) makes it Bearish as of now !
Lets WnW

Great trading you two. You were right forexsaint. I'm watching from the sidelines. I'll short this if there's a good close below .8354.

Hi Skimester,

I just started trading the EUR GBP looks like a nice trending pair.
I´ll be reading your thread.

Cheers.

Red.