EURGBP Conservative Long Before Plunging Down

EURGBP

This pair is displaying some bearish divergences on multiple indicators suggesting a potential head and shoulders formation on the daily chart. Multiple indicators on daily hit the bottom and reversed up so the immediate move will be upwards to form the right shoulder. Take profit is placed right near the previously respected S/R level although the price may potentially move higher than that. After that the price is expected to make a strong move down to make a lower low.

Trade closed: target reached:

Trade complete!