EURGBP. Entering strong reversal zone
Updated
EURGBP pair is close to the absolute maximums reached by 2008. The magic of the Parity is strong again, specially, with the Cable dropping hard since recently.
But GBP is, at the same time, at the lowest levels since more than 30 years to the US Dollar. Both currencies may start a bullish run but the Cable will have an advantage of a lower base. I believe EUR will reach a level of 0.91 and then start a healthy correction to 0.80.
On another side, if EUR achieves to close a month over 0.92, the next target is clearly a Parity with the GBP for the first time in history.
For now, my strategy is shorting EURGBP from 0.91. Notice an eventual Cypher pattern, ending right at the top of the resistance zone.
SL: 0.93
TP1: 0.87
TP2: 0.80500
But GBP is, at the same time, at the lowest levels since more than 30 years to the US Dollar. Both currencies may start a bullish run but the Cable will have an advantage of a lower base. I believe EUR will reach a level of 0.91 and then start a healthy correction to 0.80.
On another side, if EUR achieves to close a month over 0.92, the next target is clearly a Parity with the GBP for the first time in history.
For now, my strategy is shorting EURGBP from 0.91. Notice an eventual Cypher pattern, ending right at the top of the resistance zone.
SL: 0.93
TP1: 0.87
TP2: 0.80500
Comment
Sounds like wave 1 in A has been made and it is notw finishing Wave 2. Chart below
Please, follow your strategy! Always!
If there is no strategy that has proven itself successful, please do not trade with real money!
If there is no strategy that has proven itself successful, please do not trade with real money!
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