Fast forward a few weeks from the last time we spoke about EUR/GBP pulling back to support and price has exploded off the level in question!
An obvious level that was cleanly respected and gave us multiple chances to get long.
Back to the present and the weekend saw EUR/GBP gap higher yet again.
The magnetic effect of the gap getting closed has continued to pull at price since Monday morning, but this is where I wanted to highlight what actually constitutes a gap fill.
Technically it is the bottom line, because that is where we closed Friday night. But that doesn’t make this other swing high any less significant when it comes to moving price.
Different traders place different weights on the significance of each part of the gap fill and I’d love to hear your opinion on the subject by mentioning @VantageFX on Twitter.
Do you see opportunity trading EUR/GBP? Trade forex with the best Australian forex broker, Vantage FX.
Dane Williams – @VantageFX
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