The chart below is a picture perfect chart of a strong bullish uptrend. This is what EURGBP look like for the past 3weeks. This is one hell of a run and is really quite impressive. If you caught this early, this run is a solid 300 pips gain in less than 1 month. The big question now is if this uptrend will continue to run higher. After receiving quite a number of request to provide an analysis on this pair, we have decided to take a look and to see if there is a good opportunity in EURGBP in the coming weeks.

This is another trade idea generated by the Elite Swing Trader.

The chart above is on a H4 chart and if just looking at this time frame, we feel that the uptrend will continue. There are 2 ways to trade an uptrend and that is either to buy on breakouts or buy on pull backs. However, before you go rushing into this trade, it's wise a zoom out and take a look at the D1 timeframe. The chart below is the D1 timeframe.

When we zoom out to the D1 time frame, the picture might look a little different now. The EURGBP pair is approaching a key resistance area and the Bears look poised to take over for now. The Bulls might also be ready to take the back seat after this powerful 3 weeks run. We won't know for sure. If the Bulls break out above resistance, then the run might continue. However, if the resistance hold, then a temporary decline back to 0.86600 level might be in place.

So here's our order, we feel that the resistance might just hold and the bulls are due for a rest. However, we want to be sure that the Bears are strong enough before we get in. We will place a sell stop at candle low.

• Sell Stop: 0.88010
• Stop Loss: 0.88519
• Take Profit: 0.86815

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The Elite Swing Trader Trading Dashboard

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