EUR/GBP two trades which one gets triggered first
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Price has moved up trendline since October 2015, most recent bounce was quite weak looking at higher time frames and we might see a test and break of this trendline. if we do I think we can short EUR/GBP to around .85xx.
If trendline holds and price continues to advance I think we can safely retest .90xx. 50% of my drawn range also intersects trendline at almost exact touching point so this might mean one more bounce up.
A lot of this will also depend on Brexit, however the ECB has been dovish recently and will definitely be a laggard when raising interest rates (UK has one priced in for quite soon) and this will lead to a drop in value of EUR vs GBP. I don't trade news but always take it into account.
If trendline holds and price continues to advance I think we can safely retest .90xx. 50% of my drawn range also intersects trendline at almost exact touching point so this might mean one more bounce up.
A lot of this will also depend on Brexit, however the ECB has been dovish recently and will definitely be a laggard when raising interest rates (UK has one priced in for quite soon) and this will lead to a drop in value of EUR vs GBP. I don't trade news but always take it into account.
Note
Bearish bias on this pair now and order has been placed to short
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