EURUSD & GBPUSD – More Bearish Signs

31 Jul - GBPUSD 4 Hrs(Click on image for larger view)

Hi All,

Quick update on GBPUSD. Looking at the 4 Hour chart above, price broke out of a rising wedge yesterday. Price also broke below the neckline (~1.53) which is an additional signal that the bears are back.

An ideal short entry would be when price retest the neckline. Will I get my entry? Well, there’s only one way to find out.

31 Jul - EURUSD 4 Hrs

(Click on image for larger view)

Meanwhile, looking at the EURUSD now, price also shows a rising wedge. However, price action seems to be somewhat lagging – being right behind Cable – and can only suggest a potential break out as well. Why is it lagging? No clue to be honest. Either way, I’m definitely keeping a close watch on both these pairs.

Thank you and Happy Trading!!

Ps. Watch out for Non-farm results which is just around the corner.

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