Note: The chart is EURUSD and not EURGBP. I was doing a technical analysis on EURGBP when I decided to post the chart. Sorry for the mistake.
With the effect of all the fundamentals on the market probably wearing down slowly, having brought about major movements in the market, we can now see a probable bearish cypher forming.
The pattern is a long way from forming its structure and we may be able to capitalize and make some nice pips as all the vital points rest on major structures.
Short at 'D' and take the first target at .382 (point 'B' region) retracement of 'CD' and the second target at ..618 retracement. Stops tight above point 'X'.....
With the effect of all the fundamentals on the market probably wearing down slowly, having brought about major movements in the market, we can now see a probable bearish cypher forming.
The pattern is a long way from forming its structure and we may be able to capitalize and make some nice pips as all the vital points rest on major structures.
Short at 'D' and take the first target at .382 (point 'B' region) retracement of 'CD' and the second target at ..618 retracement. Stops tight above point 'X'.....