Forex Trading Library

EURGBP – Further Upside Likely After Channel Break

Trade Ideas
By Steve O'Hare
0 306

Monthly: A bullish ascending wedge has formed on the monthly chart. The pair remains in a bullish phase and we expect dips to continue being bought. The next major resistance is at 0.9306. Prices above that level look for a move towards the 2008 highs at 0.9804.

Weekly: The pair looks to have broken out of a falling wedge pattern. Support was found at the 61.8% retracement level at 0.8682. The bullish engulfing candle on the week beginning 18th June 2018 triggered a fresh buying spree. We expect to see a push towards previous highs at 0.9306

Daily: Here movement looks to have broken out of the channel formation to the upside. The trading sequence is higher highs and lows. Our outlook is bullish. We look for a re-test of the downward trending support

Action: We look to buy at 0.8845

Stop: 0.8790

Targets: 0.9065

Steve O'Hare

Steve has traded and analysed financial markets for over 30 years.
He started on the Baltic Exchange with Cargill Investor Services in 1987 trading Commodities. Following this Steve went on to work in a number of senior trading roles on LIFFE.
From 1995, Steve then traded his own account, specializing in European Fixed Income markets. For many years he ran his own proprietary trading company, facilitating and educating traders.
In 2012 he joined PIA-First and assisted in restructuring the company and help build it into one of the UK’s leading, award-winning independent research houses.

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