Following the strong  move higher on Thursday for the euros to pounds pair, Friday’s wide spread down bar with a very deep upper wick brought the temporary reversal to a shuddering halt, and indeed this downwards pressure has continued in trading today. The key point from Friday is that the high of the day bounced [...]

Yesterday’s wide spread down bar for the euros to pounds currency pair, finally added some much needed momentum to the downwards ‘drift’ we have seen in the pair for the last few weeks, and more importantly closed below the strong support level at 0.8660, which had been providing a temporary barrier to any move lower. [...]

Last week’s weekly close gave us a candlestick formation which closely resembled three white soldiers which is often a clear signal for a bullish reversal.  However, in this case as we are relatively close to an old top and the reversal could hardly be considered significant I would suggest caution using this signal in isolation.  [...]

Following last week’s wide spread up candle which moved through both the 9 week and 14 weeks moving averages one would expect price action to continue upwards based on this solid move higher.  In the daily chart we are seeing a slight rollover as the market takes a breather and this may provide us with [...]

As it is the start of a new week, lets look at the weekly chart for the euro pound to try to provide some direction for our trading this week, and it comes as no great surprise that last week’s candle provides little information for us, other than confirming that the sideways movement is still [...]

Yet another currency pair which are trending sideways in a consolidation, which in the case of the euros to pounds pair is now forming a pennant in the weekly candle chart, with the point around the 0.9000 region. The last five weeks have seen virtually no move from this area making the currency pair almost [...]

Mmm – well last week’s candle did at least provide a signal, but I’m not sure how much weight we should give this as a long term indicator for the euros to pounds pair, for two reasons. First, in the last four weeks we have one bearish engulfing signal of three weeks ago, followed two [...]

Following the bearish engulfing candle of two weeks ago, we did indeed see prices fall in the euros to pounds currency pair last week as expected, and I hope you were able to make some money from your short positions. Whilst last week’s down bar was as expected, it was perhaps not as wide a [...]

A great signal on the weekly chart for last week, with an “outside week” bearish engulfing candle providing several signals all at once! ( I am very excited at this one, trust me!!!) First of all what does this candle represent? The most significant point is that this is a possible turn, and therefore the [...]