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Envious_
May 23, 2021 5:45 PM

EURGBP Short Idea Short

Euro Fx/British PoundFXCM

Description

EURGBP is in a long term downtrend and recently it had broken through a resistance zone without retesting it so it is likely that price may come down to retest this zone again to allow buyers to go long. I am looking to sell EURGBP if it comes to the 61.8 safe retracement, which I have marked on the chart and then once it hits the support-to-be zone and retests it, I am likely to buy if it fails to break the zone. EURGBP is still in the process of correction and long-term wise the most suitable correction would be upwards due to the long-term downtrend and short term it will be a bearish correction due to the aggressive bullish push upwards. Hope this idea helps you traders and good luck!
Comments
crzy1580
nice analysis👍
Envious_
@crzy1580 thank you hope it helps :)
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