BabyPips.com FX-Men Team
BabyPips.com
EUR/GBP: 4-hour
We’re going back to the basics on this one! EUR/GBP is forming what looks like a morning star on its 4-hour time frame and, if you’ve read the first parts of the School of Pipsology, you’ll know that it usually signals reversal in the charts. What makes this setup sweeter is that the pattern popped up around a previous support area and .7050 minor psychological handle right around the time when a divergence also showed up. Neat, huh? A long trade with a stop below the previous support zone could make for a good reversal trade if you believe the pair is headed back to the 100 SMA levels. Of course, you could also short the pair and bet on a continued downtrend if the pair breaks below the .7050 or .7000 levels.
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