FX Trading Revolution Team
FX Trading Revolution
We are analyzing the trading activity in the Forex market this morning and have noticed that HFT algorithms are selling the EURGBP pair and the trend is bearish.
EURGBP has been consolidating for the past two trading days in a bearish flag formation and it appears that a bearish breakout may be near today. Resistance stands around 0.8930 and in the light HFT selling pressure zone - noted at 0.8932 and above. Support is at the 0.8900 level where a bearish breakout should indicate the continuation of the bearish trend.
The FxTR RSI indicator is confirming the trend as bearish while the faster Master MACD has turned neutral at the moment. Traders can look to enter short positions on a bearish break of 0.8900 with a tight 10-15 pip stop loss and a target toward the light HFT buying pressure zone that is noted at 0.8871 and below.
High Risk Warning: Please note that foreign exchange and other leveraged trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved, seeking independent advice if necessary.
ADVISORY WARNING: Any news, opinions, research, data, or other information is provided as general market commentary and does not constitute investment or trading advice. FXTradingRevolution.com expressly disclaims any liability for any lost principal or profits without limitation which may arise directly or indirectly from the use of or reliance on such information.
Recommended Content
Editors’ Picks
EUR/USD holds steady near 1.0850 ahead of Eurozone PMIs
EUR/USD oscillates near 1.0850 in the early European session on Wednesday, flirting with two-week lows. The pair turns cautious ahead of preliminary Eurozone PMI data while the US Dollar faces fresh selling amid the USD/JPY slide. US PMIs eyed as well.
GBP/USD remains pressured below 1.2900, UK/ US PMIs eyed
GBP/USD remains under pressure below 1.2900 early Wednesday. Broad risk-aversion offsets the USD/JPY decline-driven US Dollar weakness, rendering negative for the pair. The focus now shifts to the UK and US S&P Global PMI readings.
Gold stays hopeful above $2,400, as US PMI data loom
Gold price is looking to build on the previous rebound above $2,400 in Asian trading on Wednesday, despite a buoyant tone seen around the US Dollar and the US Treasury bond yields. Gold traders now look forward to the global preliminary business PMI data for fresh trading impetus.
PEPE price poised for a rally after retesting trendline support
PEPE price broke out of a descending channel pattern, surging by 12%, but is experiencing a corrective pullback, trading 2.3% lower at $0.0000121 as of Wednesday.
Bank of Canada: Rate cut expected; forward guidance eyed
The Bank of Canada will take centre stage at 13:45 GMT. Alongside the rate decision, the central bank will deliver the rate statement and the Monetary Policy Report, released quarterly and providing investors with a glimpse of what the central bank expects in Q3.