EURGBP update

last EURGBP post:

at this point, to protect a position, if you have one open, move stop to entry level at .8475.

you can see the “polarity” principle in play where the support in the spring of last year is now acting as resistance in the spring of this year …. hmmmm.

anyhoo … I’m looking for an initial target to take some off in/around 8850.

note the 38.2 and 50% retracements, largest measured move correction (dashed red line) and he polarity principle again but this time highlighted by a darker/bolder red. why? this level held as support for MONTHS and when it finally gave away, it gave away big …

note, depending on the form of the correction (if it even stops here) I might be looking to add on a pullback into the 8550-8600 area.