EURGBP Bearish Retracement Down Within a Channel

9 apr 2016

EURGBP

This pair invalidated my bearish prediction last week due to fundamentals pushing it up. At this point, I think it can't ignore the technicals and will have to go down a bit before continuing its movement up within a channel. It is overbought on multiple indicators including RSI and Stochastic and there is a clear long term MACD bearish divergence. We can also see a reversal candle pattern that has been displayed recently to further confirm expected move down.

I will be opening a short term short position and will hold it until it reaches target price or shows bullish signs.

12 apr 2016

Trade chiuso: obiettivo raggiunto

Performed as expected, profit target reached.