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.
7230 Resistance 1
7323 Resistance 2
7125 Support 1
7033 Support 2