EURGBP Fake Breakout
EURGBP broke down through the consolidation support level only to return back to consolidation again.This forex pair has been in consolidation for some time now and rarely trends, but when it does trend there
is usually a lot of profit for the taking.
At the moment, price is above the Weekly 200 simple moving average and below the Daily 200 simple moving average so this is giving conflicting messages. We want both timeframes to be telling us the same information to have confidence in knowing which way to trade it.
When we are getting mixed message we want to stand aside.
If price can break through the consolidation resistance level then we may see opportunities for long trades but price will first need to move above the Daily 200 simple moving average.
Right now we must stand aside and wait to see which direction price breaks out of the consolidation area.
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