The Euro British Pound.

Good morning Dynamic Traders,

Today I want to bring to your attention the daily chart of the EURGBP.

The weekly chart(not shown) is sporting a reasonable doji candle formation implying a possible breather or reversal.

On the daily chart below there is strong resistance at the VI and former R/S level which is what price action has been supported at, whilst on Friday a spike through the upper trendline occured.

The EW count shows a possible W4 in progress but has a weak PTI which could mean further downside, and this also ties in with the GetStochastics showing a false bar suggesting more movement possible South.

Wait for the break either way to employ ESLT and use your other tools to make your decision.

As always please do your own analysis before taking any trades.

Charts courtesy of AdvancedGet.

Have fun.

Clayton Farnworth.