Hi All,
I'm just browsing through my charts looking at next week and I noticed that this pair has made a historical low on the monthly!
I have never traded this pair or taken notice of it but my charts on this pair date back to 12/2001 and it has formed a new low.
I'm not an indicator type of person but I brought up RSI,MacD,stochastics and CCI on the monthly and noticed that the new low is not confirmed by any of them.
Also seems like GBP may be due for a bounce with some positive data coming out Friday even though price action would suggest the contrary.
I'm pretty much a newbie trader, 6 months of experience only, but this pair did bounce 200 pips on the 8 hourly last Wednesday only to be hammered back down again.
Gut feeling suggest a small GBP recovery aided by positive data and the majority being on the short side.
Any opinions or confirmations of my thinking or am I just being too optimistic?
Also think EUR/GBP is going back down looking at the way the 8 hourly closed on Friday with a nice pin nose.
Adds to my hypothesis...
I'm just browsing through my charts looking at next week and I noticed that this pair has made a historical low on the monthly!
I have never traded this pair or taken notice of it but my charts on this pair date back to 12/2001 and it has formed a new low.
I'm not an indicator type of person but I brought up RSI,MacD,stochastics and CCI on the monthly and noticed that the new low is not confirmed by any of them.
Also seems like GBP may be due for a bounce with some positive data coming out Friday even though price action would suggest the contrary.
I'm pretty much a newbie trader, 6 months of experience only, but this pair did bounce 200 pips on the 8 hourly last Wednesday only to be hammered back down again.
Gut feeling suggest a small GBP recovery aided by positive data and the majority being on the short side.
Any opinions or confirmations of my thinking or am I just being too optimistic?
Also think EUR/GBP is going back down looking at the way the 8 hourly closed on Friday with a nice pin nose.
Adds to my hypothesis...