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EURGBP 4 HOUR CHART – Real money flow
As you can see by this chart, while we are not privy to the order flow, there is clearly a real money selling driving this cross lower.
ON the downside, .8500 is the obvious pivotal level with next chart support at .8478. Back Above .8531-50 would be needed to suggest the order is done.
In any case, EURGBP selling has been a contributing factor to the firmer GBPUSD and EURUSD lag.
USDJPY 1 HOUR CHART – 38.2%
A case can be made that the USDJPY rebound is just a retracement after the high (149.39) came close enough (149.42) to complete a 38.2% retracement.
As this chart shows, it would need to break 147.04 to suggest a resumption of the downtrend so use short-term charts to trade while above it.
In any case, 148 will now be pifotal in dictating whether the focus is on 147,.04 or 149-150.
GBPUSD DAILY CHART – OUTPERFORMING
GBPUSD is again outperforming, helped by demand from a further fall in EURGBP so keep an eye on this cross.
Daily chart shows only 1.2937 blocking the 1.4044 high
Intra-day, look for support as long as it trades above 1.2866-72, stronger if 1.2884-88 becomes support
I can go into detail on this but I prefer to focus on whether this should make a difference to you.
What is the difference between an A Book and a B Book and should it make a difference to you?
EURUSD 15 MINUTE CHART – THE AMAZING TRADER
Look at this 15 minute chart with lines drawn by my Amazing Trader algo.
The chart and trade off of it should speak for itself.
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