Hi,
its not that easy to trade these days :)
EURGBP - approaching very interesting supply zone on weekly chart ( we have mentioned that chart in our weekly macro overview 2 weeks ago ):
Bulls are trying to take the advantage of the Brexit but real question is UK or EU is going to be more affected ? Anyway, from bulls perspective, close above 0,8380/0,84 is needed ( weekly basis ) for possible 0,8880 / 8900 - 0,9040/90. On the other hand its pretty visible ( and clear as well :) ) that if bulls fail here bears may enjoy bottom of that channel as a target.
Intraday price action should tell us more how market makers will try to manipulate us, please check one hour chart below:
Bears:
1. breakdown from the channel and gap close is needed ( hint: we did not even try to close the gap immediately after open )
2. close below 0,8100 and then 0,8000 ( based on current situation only ) should help a lot.
Bulls:
1. mistake: they did not allow bears to try to close opening gap
2. in my opinion ( could be tough task ) bulls need to setup *parabolic* move up ( it could be possible by setting up a trap on a attempt of intraday breakdown of the channel ).
Stay tuned
Mr Price Action
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