EURGBP right shoulder forming
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Guys.....
For those who are trading sterling exposure, here is one to be looking at. Technically speaking, EUR/GBP began rolling over from a lower high starting in February. This may be the right shoulder of a head and shoulders top. Strong support at .83300 from the neckline, trend line and 50d moving average must be broken to confirm the top.
We heard words out of Forbes yesterday implying the UK will be needing a rate hike in the coming months, this will be indicative for the waterfall event. She also believes that inflation is picking up faster than forecast.
Our models suggest that Q1 2017 was a turning point for GBP pairs, this is going to be confirmed b a break below support suggesting EUR/GBP will fall to .7500.
For those who are trading sterling exposure, here is one to be looking at. Technically speaking, EUR/GBP began rolling over from a lower high starting in February. This may be the right shoulder of a head and shoulders top. Strong support at .83300 from the neckline, trend line and 50d moving average must be broken to confirm the top.
We heard words out of Forbes yesterday implying the UK will be needing a rate hike in the coming months, this will be indicative for the waterfall event. She also believes that inflation is picking up faster than forecast.
Our models suggest that Q1 2017 was a turning point for GBP pairs, this is going to be confirmed b a break below support suggesting EUR/GBP will fall to .7500.
Note
watching like a hawk for the break here, BOE entering into rate hike mode.. all eyes on this for next few sessions!Note
T.May triggering the break below here, ride the pig mode [check]
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