tbpatel2
Short

EURGBP Short - Bouncing off Trend line & Ichimoku Base Line

FX:EURGBP   Euro Fx/British Pound
48 0 3
FX:EURGBP             has been on a long term rise, however the the wedge is closing and the 40 EMA, 50 EMA, and the Ichimoku baseline have converged in what looks to be a ranging market.

The price bounced off the bottom of the trend line and has created a wedge, which is heavily favoring a drop pattern back towards the long term trend line for a break, as well as the fact that the price is hitting a solid resistance area shown in the past 2 days.

I'm expecting a big drop, safe traders can put a Sell Stop under the trend line for a short, or a sell limit at the top of the down trend line for a possible higher position. If you want something in the middle, the supply zone is another possible entry, however it may bounce again to the trend line before dropping, so keep a liberal stop loss of ~20 pips.
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