Profit Zone On EG, GJ Engulfs Supply

Price is at interesting levels on a couple of pairs so we could have some big moves coming up soon. The ones I'm most interested from a daily chart perspective are EURGBP and GBPJPY.

EURGBP - Short

Price has dropped into a demand level on the weekly and below that there is just a long green candle before the next demand level hundreds of pips away. This looks great for profit potential and there isn't much to stop price should it want to fall. We're short on this one already from the top but if the demand gets engulfed a short trade would be on the cards for those who aren't already in.

2016-07-17 EG Short D1

GBPJPY - Long

We've seen some big drops on the pound over the past few weeks which we've profited from on the down moves. (See here and here if you missed it). It won't fall forever though so at some point there will be long trades. Last week GJ engulfed supply on the daily chart and the path looks clear. We may have an entry for a long trade so that's what I'll be looking for this week.

2016-07-17 GJ Long D1

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