22 Sep 2015

EUR/GBP BREAK PREFERS DOWNSIDE TARGETS

EUR/GBP DAILY

Couple of weeks ago we talked about whether the formation on EUR/GBP is a bull flag or a head and shoulders pattern.

Yesterday's break indicates the latter and now opens up a way to the 61.8% and 100% breakout targets at 0.7150 and 0.7100.

It may be a good idea to scale in this trade - a smaller position on the retest of the former neckline as the new resistance and a larger onw if we see a break of the yesterday's low/two month rising trendline support at 0.7200.

A break above the weekly high at 0.7284 would invalidate my immediate bearish bias for the pair, however, only a daily close above 0.7400 would turn my overall bias for the pair to bullish









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