EURGBP Daily: Long
We have been in this downtrend since the 11 Sept
2nd touch of the trendline was on the 20th of October and finally, we saw a break above this trendline last week indicating to us that buyers are stepping back into the markets pushing price higher up.
What I would like to see is a strong bullish close going into this week to confirm the buy. Taking profits in the area where the second touch occurred.
Confluence to confirm this idea:
1. Break and retest of both a strong long term trendline, as well as, a break and retest of a key support structure.
2nd touch of the trendline was on the 20th of October and finally, we saw a break above this trendline last week indicating to us that buyers are stepping back into the markets pushing price higher up.
What I would like to see is a strong bullish close going into this week to confirm the buy. Taking profits in the area where the second touch occurred.
Confluence to confirm this idea:
1. Break and retest of both a strong long term trendline, as well as, a break and retest of a key support structure.
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