FX:EURGBP   Euro / British Pound
The 200m day simple moving average is a must on every chart and every time frame because it's frequently a line in the sand. If price reverses at the 200 sma then you have a convenient SHORT trade with an obvious STOP (above the line obviously) . If price breaks through the line and either leaves it behind or comes back to test it for support and then leaves it behind you have a natural LONG trade with a STOP just below the line.

You will have to look at other factors that may influence the trade but as a starting point whenever the price hits the 200 sma something significant will frequently occur.

This is particularly the case on the highest time frames.
Currently EUR/GBP             is hovering just under the 200 sma on the weekly chart having just punched through this level.
If SELLERS are waiting to SHORT this pair, its highly likely they will target the area in and around the 200 (.7933 area).

This pair has been in an up trend since November 2015 and we have overbought conditions on H4 and W time frames. If this area is a reversal point then we could see EUR/GBP             drop to .74 area looking for support.
Risk reward on this pair is massive so I'm SHORT from .7928 with a tight STOP at .7950 for a 22 pip risk.
Trade active: SHORT from .7928

STOP .7950

Target OPEN
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