EUR/GBP two trades which one gets triggered first
Updated
Price has moved up trendline since October 2015, most recent bounce was quite weak looking at higher time frames and we might see a test and break of this trendline. if we do I think we can short EUR/GBP to around .85xx.
If trendline holds and price continues to advance I think we can safely retest .90xx. 50% of my drawn range also intersects trendline at almost exact touching point so this might mean one more bounce up.
A lot of this will also depend on Brexit, however the ECB has been dovish recently and will definitely be a laggard when raising interest rates (UK has one priced in for quite soon) and this will lead to a drop in value of EUR vs GBP. I don't trade news but always take it into account.
If trendline holds and price continues to advance I think we can safely retest .90xx. 50% of my drawn range also intersects trendline at almost exact touching point so this might mean one more bounce up.
A lot of this will also depend on Brexit, however the ECB has been dovish recently and will definitely be a laggard when raising interest rates (UK has one priced in for quite soon) and this will lead to a drop in value of EUR vs GBP. I don't trade news but always take it into account.
Note
Bearish bias on this pair now and order has been placed to short
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