EURGBP Sell
Price has been moving up a trend line going back to around August of 2016, with a resistance zone that has been above price for a majority of the time. These two lines form a wedge that is currently at the end of its consolidation. Price has created a partial head and shoulders, and I expect price to retrace around 78.6 level of the fibonnaci retracement line, at which point, price will begin a strong trend downward that will break the long term trendline. If price does this, the head and shoulder pattern will be validated, and price will break through the bottom trendline.
I am planning on stacking my trades for this pair in order to capitalize on a fantastic set up. If we see price form the head and shoulders pattern from the previous trade, then the move below the neckline, equivalent to that of the move from the head to the neckline, is projected to break through the bottom trendline. I am anticipating a sell upon the approach of the trendline, with a SL just above where price could come back and re-test the newly broken trendline. I will also move the previous trade's SL into profit at this same level
I am planning on stacking my trades for this pair in order to capitalize on a fantastic set up. If we see price form the head and shoulders pattern from the previous trade, then the move below the neckline, equivalent to that of the move from the head to the neckline, is projected to break through the bottom trendline. I am anticipating a sell upon the approach of the trendline, with a SL just above where price could come back and re-test the newly broken trendline. I will also move the previous trade's SL into profit at this same level
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