EURGBP Has Another Fake Breakout
Following the UK elections on the 12th December 2019, the British Pound showed some strength
and tried to battle it out with the Euro. Price managed to push itself down through major support
at 0.8297 and things looked positive for the Pound.
It wasn’t too long before the market corrected itself and the Pound and the Euro were balanced again
and now price has returned back into consolidation.
The current consolidation period has lasted 3 years and 2 months so far and it may go on for a number of years.
We can never predict how long consolidation lasts but we can identify when they are over by waiting for
support and resistance levels to be broken.
Right now we want to stand aside until we have a clear breakout and ignore taking trades when there
are fake breakouts like the ones highlighted on the chart.
We show you how to identify fake breakouts in the video link below and we will also be posting updates
on the EURGBP to ensure you are ready in the case a breakout does occur.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
and tried to battle it out with the Euro. Price managed to push itself down through major support
at 0.8297 and things looked positive for the Pound.
It wasn’t too long before the market corrected itself and the Pound and the Euro were balanced again
and now price has returned back into consolidation.
The current consolidation period has lasted 3 years and 2 months so far and it may go on for a number of years.
We can never predict how long consolidation lasts but we can identify when they are over by waiting for
support and resistance levels to be broken.
Right now we want to stand aside until we have a clear breakout and ignore taking trades when there
are fake breakouts like the ones highlighted on the chart.
We show you how to identify fake breakouts in the video link below and we will also be posting updates
on the EURGBP to ensure you are ready in the case a breakout does occur.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
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