EURGBP – Dip to the bottom of the uptrend channel attracting buying interest
Weekly: Broken out of the wedge formation to the upside. This has been positive for recent price action, with prices extending above the 0.8800 level. The continuation higher in prices through resistance has been impressive with strong momentum and shows no signs of slowing. Our medium term bias is bullish above 0.8800 towards 0.9400
Daily: A sequence of daily higher highs and lows has been posted. The bearish engulfing candle on the daily chart is negative for sentiment. Price action moved lower but found support at 0.8953. The medium term focus remains bullish and intraday setbacks continue to find buyers
Intraday: Trading within a Bullish Channel formation. Dips continue to attract buyers. Corrective dip has stalled. The medium-term bias remains bullish. Further upside is expected although we prefer to set longs at our bespoke support levels at 0.8975, resulting in improved risk/reward
Action: We look to buy at current levels and on a dip to 0.8975
Stop: 0.8925
Targets: 0.9100 & 0.9160
Update: (31/08/2018 08:28:12) The move to 0.8975 triggered our long trade
Update: (06/09/2018 08:10:00) With signals being far from strong, we now look to move stop to entry
Update: (06/09/2018 16:08:00) Trade closed @ 0.8975
Risk Warning
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Losses can exceed deposits