Couldn't help but analyse EUR/GBP.. WEEKLY CHANNEL! BEARISH ENGULFING?

Hello Traders!

Here Is my EUR/GBP WEEKLY CHART

I don't trade this pair but i spotted this nice channel
& A potential bearish engulfing candle (upon tonight's close)

As I have highlighted in yellow the series of lower swing highs
that have formed the upper trendline, I then copied this line and placed below, giving us confluence. You can see the series of bearish reversal candles leading to an extensive drop a good few hundred pips each time!

If we can close around 0.8540 zones tonight then it would be a high probability reversal setup....looking to sell on any rallies for the coming week: 11/02/2013

Just one to keep in mind

Happy trading!

@AstroFX13
AstroFX13.com

Tags: EUR/GBP, analysis, euro, signal, trading

4 members like this

Comment by Yesboss Eddyking on February 8, 2013 at 9:41am: From a trusted source...am short asap!!!

Comment by Shaun Powell on February 8, 2013 at 5:53pm: haha thnks man looks real good

Comment by Forex Pro on February 9, 2013 at 4:40pm: Nice analysis ...I am sure it will move as per your analysis like always mate! Keep it up

Comment by Shaun Powell on February 9, 2013 at 4:51pm: cheers boss lets see the outcome!

Comment by Oasis on February 10, 2013 at 1:13am: Well spotted Shaun. I would just like to keep my mind open about a retrace before it heads down again. The last 3 daily bearish candles have been large with total move of about 230 pips, so it would not surprise to have a retrace.