Hello Traders, what’s going on market after US closing? 😉
Chart pattern looks more and more bearish last days. With wide resistance zone marked green, we can try to search for bearish signals. Breaking through local consolidation would be definitely one of them with probable range at the latest low.
With pretty harsh trading in consolidation, we’re still in the place where some of biggest moves had its begining. After this session, we will probably get a pinbar on daily chart which might be a signal for opening a short position on EUR/GBP.
Pair is trading nicely in a firm channel. Todays huge white candle is definitely a sign of bull market but lack of any support, and wider trend still bearish makes it less atractive. You can always try to catch a corrective move to upper channel line.
We also have consolidation on GBP/CHF, with price right above support zone. With green zone on the bottom, it’s safer to wait to the end of this consolidation, and then respond to market moves.