We had some great success from EURGBP’s Bullish momentum last week. There is a clear Cup and Handle pattern being formed which further strengths the uptrend. Price has also continued to respect the Moving Average and this is acting as support. We will be continuing our bullish positions when the markets opens.
This pair has been in a downtrend for sometime now and we have managed to capitalise from this momentum over the last couple months. We locked in our profits on Friday due to the Non Farm Payroll and we were stopped out. You may notice price has continued to respect the Bearish trend line and we expect the downtrend to continue this week.
USDMXN has pulled back away from the uptrend and has been consolidating around the Moving Average. Price has continued to respect the trend line on the last 3 occasions. We will standby until price determines the direction. Always remember to exercise patience and let the price do the work.