EURGBP trend transition
After completing the 5 Elliot Waves, EG has formed a double top on the 4h chart.
Looks like the super bull run has finally stopped: if we zoom out to the weekly chart we will see a weekly trend line which looks like the price is respecting.
I'm currently waiting for my 8 and 18 EMAs to cross eachother on the 4h chart and we will probably see a breakout of the bullish trend line (red circle) and a drop towards the blue area (0.8880).
An ideal Stop Loss would be 0.9000, that will cover the double top.
Looks like the super bull run has finally stopped: if we zoom out to the weekly chart we will see a weekly trend line which looks like the price is respecting.
I'm currently waiting for my 8 and 18 EMAs to cross eachother on the 4h chart and we will probably see a breakout of the bullish trend line (red circle) and a drop towards the blue area (0.8880).
An ideal Stop Loss would be 0.9000, that will cover the double top.
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