EURGBP: Going LONG on pull back

After making the high on 27th Jul, Bears took control and push prices down to low on 3rd Aug before pulling back, thereby making a thrust of 20 pips off the last swing low. After a short pull back, Bears make another push before Bulls took control on 11th Aug. First sign of trouble is seen where the last drop registered a thrust of only 11 pips compare to the previous thrust 20 pips. The second confirmation of bullishness is when Bulls manage to make an equal high to the last swing of 5th Aug. I was anticipating a pull back to the QML to go LONG. But it fell short of it with Bulls gaining control before the QML. I see the last drop as a BEAR trap to trap the breakout traders looking to profit from the breakout of Thu consolidation. I believe the pull back will be shallow before Bulls take control. Will be looking to go LONG targeting the swing high of 27th Jul.

DISCLAIMER:
Any opinions, analyses discussed in this presentation are just my personal opinion and do not constitute investment advice.
I do not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

PRICE ACTION only tell half the story. The other key half is VOLUME. For VOLUME drive price.