The EURGBP market has recently bottomed out and started to step up higher. The dynamics on the chart are almost in full swing now, price is trading on the bullish side of the mean and respecting it as dynamic support. For further upward momentum to continue this chart is going to need to break the overhead resistance, its the line in the sand for this situation.
Since the market has bumped into this trouble area, it’s churned away in consolidation, producing a double inside day setup. This can be a very potent catalyst for an explosive breakout. Double inside days tend to be explosive in nature if they do erupt. Be careful though, this is the perfect area for a breakout trap to occur, which would then be a very bearish indicator.
AmirOthman
Good info