Direct from the desk of Dane Williams,
This is not your average forex broker blog.
EUR/GBP is a pair that I for some reason, never seem to write about on the blog. But is one of the pairs that I actually like trading quite a bit.
Go figure, huh...
Well flicking through my MT4 watchlist today, it was EUR/GBP that stood out to me again. Bring up a daily chart and have a look.
You can see that price has bounced off this higher time frame support/resistance zone.
Go back and look how many times price has respected the zone on either side over the last couple of years and you'll get an idea why it's significant.
But all that matters right now is that price has retested it as support and is we currently sit above the zone.
Sure, price is currently being capped by that trend line, but really that doesn't mean much in the grand scheme of things.
Above this higher time frame, horizontal support/resistance zone, I'd rather be buying than selling.
EUR/GBP - IN PLAY!
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Best of probabilities to you,
@forexbrokr | Steemit Blog
Market Analyst and Forex Broker.