EIURGBP to continue the rally?
We saw EURGBP rally all the way from 0.8860 to 0.9270.
Will it continue the rally? For now, we saw price retrace all the way down to 50% before starting to push higher and break above the mini S/R area it formed at 0.9120. As price currently sits above that level and under a descending trendline, we are awaiting a break of that trendline followed up by a Corrective Pattern before entering a long position on this.
As we also support GBP weakness, and are short on most GBPXXX, that confluences nicely on EURGBP as well.
Will it continue the rally? For now, we saw price retrace all the way down to 50% before starting to push higher and break above the mini S/R area it formed at 0.9120. As price currently sits above that level and under a descending trendline, we are awaiting a break of that trendline followed up by a Corrective Pattern before entering a long position on this.
As we also support GBP weakness, and are short on most GBPXXX, that confluences nicely on EURGBP as well.
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