Let’s have a look at the weekly chart of $EURGBP. We have a pennant forming, with ABCD and Bullish Butterfly formations within. It is just so beautiful. I see two possibilities here. First, we might start to have correction right now with 88 level as immediate resistance. Second, we might have another leg and approach 89 nice to the top of the pennant. Personally, I prefer the second option. But it doesn’t mean I am jumping in to Long EURGBP now.
I will be watching closely in daily and lower time frames for any possible signs of weakness.
What do you think?
Here is the CHART!
Once this was a very big weekly pennant. Now it is a giant weekly pennant. I like it 🙂