EUR/GBP Looks to Have Topped

EUR/GBP Key Points

• Pair has sold off hard over the last few weeks.
• Now on the second leg down, price is retesting previous support on the hourly.
• A last topping pattern on the intraday chart and there’s an opportunity to short.

EUR/GBP Technical Analysis

I’m still playing around with how to best display the charts on these blogs, so please bear with me. When I tried to display the setup in landscape like usual, the candles were too small and it was just too hard to show the setup.

Starting with the 4 hourly chart, you can clearly see the previous swing low that is now possibly acting as resistance. It certainly could go a little higher and still bounce down out of the zone, but with the intraday chart showing some bearish price action, I’m happy to take the trade here.

Bearish price action that’s shown on the 15 minute chart as price fails to make a new higher high back into an intraday precious support level. One of those levels that I can’t help myself when it comes to selling them.

Best of probabilities to you!

Economic Releases to Watch Today

• USD FOMC Statement
• USD Federal Funds Rate
• USD FOMC Press Conference