Forex Technical Analysis, EUR/GBP Daily Forecast June 2, 2016
Technical Analysis – The EUR/GBP pair had a very strong session on Wednesday, breaking towards the 0.7750 level. This is an area that if we can break above, it would be very bullish and very likely show a longer-term trend to the upside, perhaps reaching towards the 0.79 level and then the 0.80 level after that. At this point in time, it looks as if the markets will continue to be bullish, and as a result we fully anticipate that the markets will continue to shun the British pound, at least as long as it appears that the British could be leaving the European Union.
In Other View Point – EUR/GBP: Daily update, waiting for confirmation.
Previous bullish idea from AB=CD and cypher C worked out well: TP1 taken earlier today, rest of long positions remains open with SL at BE… No new trade today, next is watching the PA at the down trendline…, in the next few days we could see a bounce or a break, and possibly a new trade opportunity based on this… Downside: new AB=CD and thus 3 drives pattern forming? Upside: Cypher and/or wave 5 completion? Wave 5 as indicated or higher up… (around 0.7400 is next larger degree fib. ret., i.e. 0.786…) Waiting for now…