Trend Line Bounce EUR/GBP (Monthly)
Looking at a longer term result for EUR/GBP, we can see that the market on the weekly chart has started to form a symmetrical triangle pattern which could mean the market breaks the trend line and moves to the Bullish or Bearish direction. But what we can get from this is, looking at the weekly time frame which I analysed last week which you guys can check out, we seen a uptrend rising wedge meaning that the market could break the bottom trend line and fall until it reaches the trend line on the monthly time frame. So overall we should be looking to go short, and if this weekly move is completed, then we would have successfully gained 500+ Pips. But if the market drops all the way to the bottom trend line, we would gain a total 1600+ Pips.
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