EUR crosses/GBP crosses/Technical Analysis/Trade Ideas

EUR/GBP m/t technical analysis: Bullish outlook for New Year move to .8800

eurgbp1m     I normally don’t start with a monthly chart, which is usually a waste of time, but in this case we can see that the sharp bullish move from .6550 to .9800 has retraced exactly 61.8% to .7790, which is approximately where the 100-month MA also was.

eurgbp1d     Moving on to the daily chart, we can see a very nice inverted H&S formation which broke its neckline at .8165. This is another very bullish sign and gives us a logical level from which to base any bullish strategies.

I’m running a long position here and may look to add in the New Year, depending on how the market develops.

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