EUR/GBP - parabolic move without retracements = not bullish
EURO is currently the strongest currency, however I have quite big problem with recent moves, especially on this pair EUR/GBP-
Parabolic moves, especially on forex are not sustainable at all and like in 90%, they are punished with same parabolic move in opposite direction. On the other hand, all breakouts of the wedges are strong, but in this case, I think this wedge is LEADING DIAGONAL, aka first wave in downtrend cycle. But I can be wrong and this could be wedge as a final wave of downtrend cycle and EUR/GBP may continue in uptrend, but even though, price really needs to go down very soon and consolidate for a while. I am not in any position and I may not even enter short until I see some confirmation, that this wedge is first wave in downtrend cycle.
Parabolic moves, especially on forex are not sustainable at all and like in 90%, they are punished with same parabolic move in opposite direction. On the other hand, all breakouts of the wedges are strong, but in this case, I think this wedge is LEADING DIAGONAL, aka first wave in downtrend cycle. But I can be wrong and this could be wedge as a final wave of downtrend cycle and EUR/GBP may continue in uptrend, but even though, price really needs to go down very soon and consolidate for a while. I am not in any position and I may not even enter short until I see some confirmation, that this wedge is first wave in downtrend cycle.