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Eurogbp

Eur Pound Down we go Good afternoon so currently we are in a down trending market what I see is the following : - down trend - a bearish triangle / flag - market has been stalling on the line for a while : meaning a breakout will eventually occur My entry signals: - a break and close of the lower low : with retest then enter - a break south of the triangle stop will be above the previous high where the triangle has been placed and tps will be where areas of past strong support were your friend Kris If you have any questions or comments feel free to jump in and give me your perspective www.mymentortv.com
Short
by mymentortv
The BREXIT three to watchBREXIT fever has hit the world of forex. I suggest these are the big three to watch: GBPUSD, EURUSD, and GBPEUR (or EURGBP). There is a macro-psychology operating out there I suspect. In times of trouble and uncertainty human nature tends to take the safe position. Hence Sterling has taken a step down for the moment because the reality is that 'everybody' wishes to safeguard their positions. However in recent days there is a growing realisation among some that Sterling simply won't just roll over and fall off the charts. If Britain does BREXIT, the uncertainty would be put to bed (at least for a while). -The EURO has been in trouble for the last 5 years. Also, watch for the next shock wave expected to hit Deutschebank - over leveraged to the tune of 73 Trillion . (This does not mean that the EURO depends totally on Deutschebank) -The European Union has been crumbling economically for quite a few years. Some know about it and some don't. The Union may not withstand a Brexit. The whole 'house of cards' may come tumbling down in the year or two following Brexit. - If Britain Brexits, I suspect the pound will take off like a rocket in the week or two after. - Turbulence in the forex markets will 'infect' the stock markets. Britain is a resourceful nation - its people willing to sacrifice for a greater end. The Brits mean business. As I travel all over the UK all I see in every major city is extensive overhauling of buildings, construction of new structures, and roadways. Business is booming here. I think they've been preparing for Brexit for at least the last 5 years. Brexit - should it happen, will simply be the starter's shot At the moment - if Brexit, my expectation ( not prediction ) is for GBPUSD to fall further but then rise again like the Phoenix. I expect EURUSD to fall in the next few weeks and continue south whatever happens. I therefore reason that GBPEUR or EURGBP are safer at this time or over next few weeks. If no Brexit - sterling is still likely to rise, as uncertainty is relieved. Britain continues to grow regardless of the state of the Union. This is not a time for fear. We live for volatility! But expected greater degrees of turbulence, means that our risk management processes need to be sharpened up. This is the real business. Sloppy traders will be shaken out. Disciplined traders will have a fun time! Best wishes to all.
by Captain_Walker
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