Hello, everybody and welcome to Cybernetics Trading Lab, today we are going to analyse the EURGBP, translating the market information by using a full technical analysis on different time frames, giving you a personal opinion about the next most likely market movement and helping you to spot and manage market opportunities.[/I]
Top Down Technical Analysis: In higher timeframe the market formed an interesting correcting structure and it looks having no strong momentum to proceeding the downside move as we were previous forecasted. In lower timeframe, few confluences are confirming our reversal bias, double top and descending channel, in this specific scenario, usually leads to a market reverse or evolving structure.
When, where and why would we step into the market? Considering the current weak momentum, we can expect some move to the upside, room enough to move (more than 200 pip) will be enough to enter long and potentially capitalise on here. We will be looking for a long position if the market will break the LTF structure to the upside, targeting the top of the HTF structure and/or the next swing, and depending how sharp it will move, the RR will slightly change. However, in the scenario of market continuation to the downside, the trade idea will be invalidated and no action will be taken on this market.
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DISCLAIMER Please note the views are not investment advice and should be used only for educational purpose.[/I]