EUR/GBP increasingly overbought and heading for stern resistance. Looking to SELL this pair if we reach .7857 where I have a SELL LIMIT order set.
The GBP was under the cosh yesterday and is down over 1% today so caution is needed but with oversold conditions on most GBP pairs, if we get GBP buyers entering the market then SHORT EUR/GBP makes sense............but we need to wait for confirmation.
The GBP was under the cosh yesterday and is down over 1% today so caution is needed but with oversold conditions on most GBP pairs, if we get GBP buyers entering the market then SHORT EUR/GBP makes sense............but we need to wait for confirmation.
Trade active:
GBP is strengthening from oversold conditions and EUR/GBP looks to be putting in a pinbar reversal candle on H1 so I'm SHORT this market from .7830 with a STOP at .7842. This is a flexible STOP as there's still a chance we could see a run up to WR1 but for a 12 pip risk, its worth jumping on board now.
SHORT from .7830
STOP .7842
TARGET .7740 area initially
SHORT from .7830
STOP .7842
TARGET .7740 area initially