Parallel Pairs

Last week I mentioned inverse currencies, you should also be aware of parallel currencies, these are currencies which move in a similar fashion.

A good example would be the EURUSD and GBPUSD.

We've had a pull back on the EURUSD smaller time frame but its beyond the typical breather level. So I had a look at its parallel pair (GBPUSD) and its has also pulled back but at the 50% breather level with a good candle stick reversal (on 60 min chart). This is one to keep an eye on for a potential long trade set up but use your risk management etc as normal.

GBPUSD forex chart from Advanced Get

Good trading