EURGBP – Double Inside False Break

12 Feb - EURGBP Daily Forex Chart

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Hi All,

Just a quick update on the EURGBP cross. I have been keeping a close eye on the wedge pattern for a while now and, as mentioned on 2nd Feb (see article), I was waiting for a breakout on either side. Well, I didn’t get either of it. However, thanks to price action, I’m now in on a short trade.

As shown above, Price Action gave me a great short signal. A double inside bar formed on Fri and Mon, Price tried to break above those indecision bars but failed to stay above and price is now heading south – ending the pattern with a false break set up.

Do you think this will work out? It might or it might not… but, more importantly, trade what you see and not what you think.

Anyway, thank you for reading and happy trading.

 

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