EUR/GBP BUY at market (.8450)
2 weeks ago the EUR/GBP opened with a market gap.
Those of you who read my previous posts on this subject will know that I believe gaps in the market are ALWAYS filled.
True, this can be weeks or even months but most commonly gaps are filled within 48 hours.
Last week downward pressure prevented the EUR gaining on the GBP and the gap remained.
I was moderately confident that the gap would be filled this week and I've had muliple LONG positions on EUR/GBP but every trade hit headwinds and were closed (at a profit).
This morning we saw the EUR decline with the weak German and French manufacturing and Services PMI but this was followed by weak GBP Flash Manufacturing and Servicing PMI and a look at the H1 chart will reveal that this has left this pair in a definitive northerly direction.
I've markeed the approximate path of the 200 EMA on the chart as, as can be seen, this was falling, then turned level and is now poised to head north.
At 14:45 (45 minutes) we have trhe USD Flash manufacturing and Services PMI.
I don't expect the release to have much impact on this pair.
I'm happy to be LONG on this pair in anticipation of the gap being closed sometime next week.
Those of you who read my previous posts on this subject will know that I believe gaps in the market are ALWAYS filled.
True, this can be weeks or even months but most commonly gaps are filled within 48 hours.
Last week downward pressure prevented the EUR gaining on the GBP and the gap remained.
I was moderately confident that the gap would be filled this week and I've had muliple LONG positions on EUR/GBP but every trade hit headwinds and were closed (at a profit).
This morning we saw the EUR decline with the weak German and French manufacturing and Services PMI but this was followed by weak GBP Flash Manufacturing and Servicing PMI and a look at the H1 chart will reveal that this has left this pair in a definitive northerly direction.
I've markeed the approximate path of the 200 EMA on the chart as, as can be seen, this was falling, then turned level and is now poised to head north.
At 14:45 (45 minutes) we have trhe USD Flash manufacturing and Services PMI.
I don't expect the release to have much impact on this pair.
I'm happy to be LONG on this pair in anticipation of the gap being closed sometime next week.
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