The EURGBP traded in a short term range in the last few days but now apparently is out of that range:
EURGBP
It will probably head down and hit the next LT support level.
My trading plan:
As long as the EURGBP trades below 0.8970 I will be looking for short opportunities. Please keep in mind that we might find some short term support around 0.8932
All long opportunities will be ignored.
Trade Safe!
Raul Lopez
The EURGBP is one of the Forex crosses that has been trading consistently between support and resistance levels. I like it when I see any pair behaving like this; it gives me confidence and feel more comfortable looking for trade opportunities.
Please take a look at the next chart:
EURGBP
Now that it is clear that the EURGBP broke the resistance level, I will be looking for long opportunities until it reaches the next LT resistance level.
My Trading Plan:
As long as the EURGBP trades above 0.9118 I will be looking for long trade opportunities. My next LT resistance level is at 0.9271
All short opportunities will be ignored.
Trade Safe!
Raul Lopez
The US GDP was announced earlier this morning, and it came out better than expected (3.5% vs. 3.2%). For the first time in more than a year the US is showing an expansion, this makes traders and investors think about the recovery of the world crisis, is it over? I don’t know, but certainly this is very good news for all of us.
We know everyone’s main focus right now is at GDP numbers, last Friday, we the market took a big impact because of UK’s GDP, today the same happened on the US figures, so expect a lot of impact in future GDP releases.
Now, about technical analysis, I would say the best thing to do in the Forex Majors is to wait for the next week, then I think we’ll have a clearer market condition. Something interesting could be developing in the EURUSD and USDCHF, but we’ll have to wait for further confirmation.
My main focuses right now are:
GBPCHF, which is in a clear bullish market condition and I’m looking for long trading opportunities, and
EURGBP, which is in a clear bearish market condition, and looking for short opportunities.
Trade Safe
The EURGBP is trading in a medium term range in between 0.9272 and 0.9079, around a 200 pip range. This is very nice range for this cross as it doesn’t move that much. Please take a look at the next chart:
EURGBP
Since the EURGBP was rejected from the long term resistance level, we should be looking for short trading opportunities.
My Trading Plan
As long as the market keeps trading below 0.9241, I will be looking for short trading opportunities. All take profit orders will be placed above the next long term support level around 0.9079
All short trading opportunities will be ignored.
Trade Safe!
Raul Lopez
The EURGBP traded in a tight range in between 0.8817 and 0.8721 for almost three weeks, but now, it broke the long term resistance and it is trading in a strong bullish market condition. Please take a look at the next chart:
EURGBP
Its likely that the EURGBP will reach its next long term resistance level around 0.9019.
My Trading Plan:
I will look for long trading opportunities and will set all my TP orders below the next resistance around 0.9019.
Al short trading opportunities will be ignored.
Good luck!
Raul Lopez
The EURGBP just entered into a bearish market condition. It traded for 3 days in a short term range in between 0.8823 and 0.8776 (because it was trading at an important long term resistance level – blue line). Please take a look at this chart:
EURGBP
So, we will have a bearish market condition as long as the market continues to trade below the short term range.
Here is my trading plan:
As long as the market continues to trade below 0.8776, I will look for short trading opportunities, targeting the next long term support level at 0.8649.
All long opportunities will be ignored.
Good luck
Raul Lopez
