With the GBP, we will try buying near point 3 of the descending channel, where we can also find the broken ascending channel and the horizontal 1.4350 level. We will consider the candlestick signals for now:
The Euro has bounced back off the broken weekly descending channel, closing the week with a white candle and showing clear intentions to go further north:
According to the COT CFTC reports, market operators have abruptly shrunk their short buy orders, while the other market participants have just as abruptly increased theirs. This signal also reinforces the growth sentiments for the Euro:
As the pair returns to the broken weekly downtrend, we will put a pending buy order:
Buy Limit 1.0825, Stop Loss 1.0775, Take Profit 1.1040; 1.1370.
On the H4 chart, we can see an ascending channel:
The price is now returning to that channel. So as it rebounds and forms the needed candlestick signals, we will try buying the pair: