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Attachments: EUR/GBP - What a great pair to trade!
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EUR/GBP - What a great pair to trade!

Well, .8840 didn't pose much of a problem, more an opportunity to enter:

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.8720 is another matter. Below here we have lots of space. This H4 chart shows a break and retest of the level. It's freaky Friday so anything could happen but too good an opportunity to be missed. Take a look at the weekly bar, tonight...


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Quoting smikester
.8720 is another matter. Below here we have lots of space. This H4 chart shows a break and retest of the level. It's freaky Friday so anything could happen but too good an opportunity to be missed. Take a look at the weekly bar, tonight...


Attachment 570154
What trade are you taking based on this...or are you just watching? I am wondering if it will retrace up first and retest the highs (or just a 50% retrace of this last downmove at about .885)...and then continue down?

Also, I am wondering if we will get any of the end of month buying we see sometimes.
Quoting forexstrah
What trade are you taking based on this...or are you just watching? I am wondering if it will retrace up first and retest the highs (or just a 50% retrace of this last downmove at about .885)...and then continue down?

Also, I am wondering if we will get any of the end of month buying we see sometimes.
I hate to make trade calls, because even if they are good we can be sure that some less experienced traders will make a Moloch of it. I know I used to, so say I'm just watching. I am short from .8845 and I have set more shorts with tight stop loss at this level - .8725. This consolidation (the grey box) will form strong resistance in my opinion. There's also a fib confluence here (to the pip - I had to move one slightly to make it clear).

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Quoting smikester
I hate to make trade calls, because even if they are good we can be sure that some less experienced traders will make a Moloch of it. I know I used to, so say I'm just watching. I am short from .8845 and I have set more shorts with tight stop loss at this level - .8725. This consolidation (the grey box) will form strong resistance in my opinion. There's also a fib confluence here (to the pip - I had to move one slightly to make it clear).

Attachment 570204
I totally understand. Thanks for the chart. I see this as a short but on the daily with the close above .8680 I am wondering if we will get a small bounce first....I would much rather get into a short in the .88-.885 area...so I have my fingers crossed that it can get there for me. On the weekly, on my chart, I see a 50% retracement of the weekly candle to just above the .88 area. Good spot to start building more shorts?

I have been looking at the weekly and it looks to be in a downtrend but I have read others saying it is in a long term uptrend...am I missing something? On the daily, it is in an uptrend starting but I am not sure I would consider this long term...I guess it is all up for personal interpretation. I know a few people are looking for a retest of the highs at .91...but I just am not seeing that right now.

I am more of a scalper and I love scalping this pair...but I am also always on the look out for a lovely swing trade too!

I am just wondering how any QEII or any BoE stuff may affect this pair? But I guess we will know soon!
It is a busy week ahead, with FOMC, and other news so it could be very interesting week to trade.

I see for now a nice double bottom pattern confirmed on the 15m chart with a possible move to the pivot at .8737.

I have to say that I have not traded this pair much of late and traded the Euro instead. I like to see a good pattern to enter a trade, and if that is not in evidence I stay away.

And incidentally, Smikester, I know what you mean about not making trade calls. It is psychologically a challenging thing to be doing.
Monthly pinbar, strong reiection from 0.8940 and weekly bearish engulfing
we'll see ...
Quoting starman45
Monthly pinbar, strong reiection from 0.8940 and weekly bearish engulfing
we'll see ...
Yes it's very inviting.
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Daily close below .8500 ...
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This is looking like an H4 pennant to me. If it breaks .8450 with a strong close I'll be shorting on the retest/retrace with a technical target of .8230.

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daily
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eur/gbp

http://kiprushov.files.wordpress.com...12/image19.png
Daily
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Pair consolidates for a while and approaches downtrend channel upper trendline one more time.
Profit target at weekly trendline ~160 pips.

http://img600.imageshack.us/img600/1369/eurgbpd2.png

Regards,
suirad
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Price nicely bounced down on resistance at around 0.8585 and is making hammer formation on daily chart. There is left only one hour to close daily candle, so hoping hammer will be formed. TP at major support.

http://img713.imageshack.us/img713/5097/eurgbpd3.png

Regards,
suirad
.........."happy new year to you my friend"...... And all in this tread............great posts, great charts, great analisis, well done smikester............
The Chonchy
Just now closed EUR/GBP long position for +92 pips at minor resistance around 0.8650.
Another possible buy option at major support? / green arrow (see chart).

http://img529.imageshack.us/img529/5996/eurgbpd4.png

Regards,
suirad
Good past and future long term commentary for the EURGBP traders, by Ashraf Laidi. Enjoy.

http://londonftp2.rtv.thomsonreuters...ets&aspect=169
Now eur gbp at 0.8380,will continue this down trend to 0.8000 any projections or potentials to get on that point in the next couple of weeks or more sooner?
I don't suppose there is anything in this chart which you haven't already considered but I'll post it anyway because it's just my analysis of the pair.

We found support at .8350 in December - orange line.

Then failed to retrace to channel top at .87xx

Strong rejection of 50% retrace/ weak resistance level from January 2010 - blue line.

Two bar high (50% retrace) followed by lower close - down arrow. Some people call this a bearish engulfing bar. It's a large drop, approximately 50% more than the average range, so we expect a retrace. That already happened - another 50% retrace. But for me that bearish bar says it all.

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Inflation in the UK is now running at nearly 4%. Tomorrow we have employment figures and more important news for Euro and Sterling on Friday. It should be an interesting week.
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