EURGBP has retraced the losses from Tuesday's decline, rallying back above 0.785. Hidden bearish divergence is building up strongly in both near term and long term. Resistance is seen as 0.79188 - 0.78725, signalling a move lower. Downside, support levels are at 0.775 which could extend EURGBP declines to 0.76 and possibly to 0.74.
Three positions, sold at 0.785 targeting 0.775, 0.76 and 0.74. Cover remaining two positions to break even on a daily close below 0.775.
Trade set up is invalidated if EURGBP closes above 0.795.
Comments
awan0454
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Nice idea. I am also short on EURGBP please have a look at my shorter timeframe idea.