theselfishtrader

EURGBP - Long opportunity possible

Long
FX:EURGBP   Euro / British Pound
Following some recent GBP strength, price has retraced. Reasons for the long trade:
  • Price is at the 38.2 % Fibonacci level of the recent upswing.
  • This is also an area of confluence with previous resistance.
  • Price has also retraced from the 61.8% to the 38.2% Fibonacci levels of the greater downswing
  • A double bottom with bullish RSI divergence and a pin bar on the 2nd test of support