Welcome trading legends,
In this blog, we’ll be trading the EUR/GBP asset using the signals provided by the Tools Trades website and the IQ Option broker. Be sure to stick to the end of the video as I’ll be sharing a special promo code with you.
Allow me to explain why I’m trading this particular asset.
GBP/USD TECHNICAL FORECAST: BULLISH
The British Pound tracked higher against the US Dollar last week, gaining over a full percentage point. GBP/USD broke above its 20- and 50-day Simple Moving Averages recently, along with a breakout above the upper bound of a Symmetrical Triangle pattern formed over the last month of trading. Further upside in the currency pair following the breakout may be the path of least resistance.
Major resistance above the triangle is between 1.4000 and 1.4009, which has rejected upward moves earlier this year. Price appears to be testing that limit into the weekend. To the downside – within the triangle – the 38.2% Fibonacci retracement may provide support. The 20-and 50-day Simple Moving Averages would be eyed as intermediate support before the triangle’s lower bound is reached if price breaks back into the triangle formation
EUR/GBP TECHNICAL FORECAST: NEUTRAL
Following the British Pound’s worst monthly performance against the Euro in nearly a year, EUR/GBP is now trending marginally lower this month. Since early April, following the breakout higher, the currency pair has traded largely within the 0.8600 to 0.8711 range. Price may continue to trend within this range, but a break to either side would likely see a follow-through.
To the upside, EUR/GBP would face the downward trending 100-day SMA. A break higher would bring a former area of resistance back into focus at the 0.8783 level. Alternatively, a break below the 0.86 handles would first see possible support offered at the 50-day SMA. A level of prior support at the 0.8539 level is the next point under 0.86 that could offer support.
As you can see, the signals from Tools Trades have worked!
The promo code that you see on the screen will give you more trading signals if you use them on the Tools Trades website.
Be sure to watch my other videos on the channel and read the blog page so you learn more. If you want more videos like this be sure to like and subscribe. Thanks for watching and
May the Forex be with you.
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