GBP EUR: Will this up trend continue?

[donaldprice]

Since the 8th of april the pound has been rising well, a decent trend line, however just hoped around the 61.8% fib line and half way placement within the tram line. Momentum however if you look on the half hourly does appear to suggest possible weakness, of course a close beyond the trend line could suggest a turn lower. However, the bank of england tomorow could state something in regards to Brexit of which could either add fire to this momentum or add water. Always great to hear what traders may think of this.



 



[Mercury]

Hi Donald,

 

I was given a piece of input when I joined my first forum and that is that the more commonly traded cross is, for whatever reason, EURGBP rather than the reverse.  See posts on EURGBP for views on this cross, take them as reversed if you prefer to trade GBPEUR.  I have never been sure why they offer both on this, bit of a mystery to me.

 

Cheers,

 

M

[donaldprice]

Hy Mercury, cheers for that info, i too could never understand why both pairs in reverse were on offer to trade. Just looked at your charts and see that your analysis was spot on the ball with the shorts. Always best to wait for price confirmation with these things, therefore most likely let this play out first.

[Mercury]

Donald,

 

See my post on EURUSD just now.  On all of these EURUSD; GBPUSD and EURGBP I think we are in a strong bear so sell the rallies and look for nice A-B-C patterns and resistance of course.

[fibking]

forget charts on this one the trade is on fundamentals eur/gbp is in an uptrend as is telling you all you need to know about brexit the smart money bought ages ago because the uk will not leave europe this would allow a raft of other countries to vote its just not going to happen.those that vote decide nothing those that count the vote decide everything (joesph stalin).find an entry on pullback and go long

[donaldprice]

The currency does appear to be in an interesting move at present, never mind the brexit, with technical analysis, always best to stick to market fundamentals and critical numbers, rather than the news. Currently in a good uptrend, and has found a good support within the trend line, as well as having a nice bullish candle on the 2H chart. If we have a break out on the daily chart we could see this go higher, however failing that then a resumption of the downtrend would be first noted on the 2 hourly chart. 



[Mercury]

After a decent run down, which I came out of a touch too early, this pair has now turned and broken through my upper tramline.  I expect a run up to the Fib 50% resistance area, although we may get a pull back and kiss or near kiss on the tram first.  Look for an A-B-C motion up before a resumption of the Bear.  This is nicely fitting my positions on GBPUSD (down) and EURUSD (up then down).