EURGBP
I am honestly not sure about this one. I can see it going both ways. There are a lot of bearish technical signals like daily bearish MACD divergence, overbought condition on weekly stochastic, MACD and RSI indicators and a serious bearish engulfing candle on weekly. But then again the pair has been steadily climbing up within a channel for a while now and it just might continue an upward movement for the next week.
Price action has been forming an ascending broadening wedge which statistically prefer break outs downward but I am still hesitant to say that the time for the breakout is already here. That is why I will be placing stop orders for both long and short positions for next week and see how it develops.
Trade active:
Sell stop activated
Trade closed: target reached:
Bearish engulfing validated, taken profit taken.
