DecaPip Daily: 23/06/2015

Introduction to DecaPip
Welcome to our newest feature; DecaPip. The concept is simple: our professional market technician, with an exceptional system, showcases his own daily Support and Resistance levels across a broad spectrum of FX currency pairs.Please note: the featured Support and Resistance levels are not trading recommendations by Littlefish FX, but a guide to show you what a real life professional FX Swing Trader is looking for on a Weekly and Daily basis.The most effective way to use the levels:

  • If indicated levels hold, look for the price to reverse.
  • If levels are broken, look for the price to continue past to new highs or lows.

In this edition of the DecaPip daily i would like to focus exclusively on the EURGBP currency pair.This particular pair is moving in a very tight price range and also still trading inside a valid Head & Shoulders patterns.

If we were to look for a good place to enter a trade on this pair the top 2 trendlines i have drawn on the charts seem to be valid spots.

Or equally a potential break below the bottom line which is essentially a breakout of the pattern itself and likely to cause further selling in the pair.

With all the Greek headlines and seemingly choppy trading around other currency pairs the EURGBP remains a relatively simple currency pair for the FX trader with smaller trading ranges and less extreme volatility.

EURGBP

7230 Resistance 1

7323 Resistance 2

Screen shot 2015-06-22 at 19.51.31

7125 Support 1

7033 Support 2

Screen shot 2015-06-22 at 19.39.00

Got any questions about our new DecaPip feature? Contact Nathan at Nathan@littlefishfx.com