EUR/GBP - What a great pair to trade!

Congratulations Brixton!

Sorry, was bored. Short here from 8555, will we see a sustained push into 84xx tertiary ?

- About target

I was hoping, with Cable breaking out of its 3 year range, that we would see some action with Eur/Gbp, and we did. Now that Cable is testing the lower end of the range at 1.53xx we see Eur/Gbp retesting the .8500 area.

From a price action point of view we have a bearish monthly candle for March, almost engulfing, but I don't see this playing out.

Here is a weekly chart with a few levels marked..



The thing is, I did not have .8800 as a potential reversal point?

- Hi,

- Short from 0.8634 looking for 0.8440

Descending triangle on 1H chart. 0.8487 would be my first target!

Yes, I loaded some shorts at .8556 and .8526. Open targets. @Ziko: Good trading!

Guys Im kinda of interested in your bearish view points. Both the 4 hour and daily charts still hold a bullish bias. This move down in the pair was due to a comment by Weidman that was completely out of context. And you have Weale from the BOE stating that QE is definetly on the table when he initially voted against it. Supposedly this move up was because of the merger of Verizon/Vodafone. Cable down is back in a very resistive area the 1.536/1.538 while the Euro after multiple attempts to break 1.3025/1.304 support has continually failed too. I think we retest the highs of .88 and may even go towards parity when its all said and done. Good luck to all though and I could be completely wrong but best of luck nonetheless

Also a nice sized bounce occured against the 76.4% retrace right at the 100SMA in the 4 hour

My bullish stand was eroded by the monthly tweezer tops. Daily, Wednesday looked like a smaller time frame reversal. 4 hours ago we broke the trend. Your bounce is what I see as a test:



Let's see what happens next.

/

First five wave set, chart from the 4th April, expecting higher;



'Y' = 100% of 'W' (blue circle), a couple days ago;

I could not resist this hourly engulfing bar. It covers at least 6 hourly bars and comes off a monthly and hourly 61.8 fibonacci confluence. So, short at .8563 and TP1 is bar length at .8538. TP2 open.

Yes. I was wrong. Nothing new there. I'm still bearish this pair for the next not sure how long.

Many thanks for your conributions. Still figuring it out.

- May be we're in area of uncertainty (both bulls and bears want to continue their directions).

I am short from 0.8580 with tp 0.8515 using my 1h chart.

- Great, but did u read the answer to ur question? http://www.forexfactory.com/showthre...77#post6620077

yes! Actually I posted that sarcastically as the pair worked against my prediction but finally closed in profit! Thanks for your efforts though. I really appropriate it!

I looked at that too, Ziko, but I'm still trying to work out how it works. (Along with 57 strategies)

The bigger picture;



Look at the reaction off of the 38.2% retrace of the entire 5w advance...