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Short

EUR/GBP 4 hour chart 3 drives pattern

FX:EURGBP   Euro / British Pound
A successive cycle imitating the 3 drives pattern is in formation on the EUR/GBP 4 hour timeframe. Stochastic divergence, usually leading to a deeper pull back in a trend, has given the following confluence for the resumption of an in trend phase to the downside with price pulling back into:

  • resistance at 0.7290;
  • 50 and 20 ema ;
  • 0.618 Fibonacci level (very close to 0.7290); and
  • trend line (third touch).

An entry can be taken below the previous 4 hour bar, or once the current bar has formed as a bearish reversal bar, ideally an undersized or inside bar , giving additional confirmation to a sell setup.
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