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Questions from Students (Wk 16)

This week, we received a question about EURGBP.

 

EURGBP

Question from Ben

I hope to get some opinion & views from you on shorting EUR/GBP now as i’ve spotted a Double TOP and price has broke the neck line @0.7224 PINK LINE.However, data is quite heavy for GBP today at 4:30pm, Best to wait for those datas to be out & see if it retraces back to F6 Fibo ??Immediate support & resistance spotted.

EURGBP H4 Ben Image 1

EURGBP H4 Ben Image 1

EURGBP H4 Ben Image 2

EURGBP H4 Ben Image 2

Reply from Jerome:

Personally, I’m not too convinced that it is a double top.

  • Generally chart patterns signal a change in trend and is usually seen at the tops or bottoms. Hence in this case, I wouldn’t be too convinced it is a double top pattern.

However what you can see is that price has closed below previous 3 weeks low and is also below previous month low.

  • Agree that the upcoming news might cause some movement in this pair, ideally allowing price to pull back and re-test the resistance zone.
  • Ultimately, if price can remain below the resistance, it has a good chance of heading lower.
EURGBP Resistance on H4 Chart

EURGBP Resistance on H4 Chart

 

 

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One thought on “Questions from Students (Wk 16)”

  1. Benson Ang says:

    Thanks Jerome.

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