PAIR IN FOCUS: EURGBP ACTION: SHORT HORIZON: SHORT TO MEDIUM-TERM
Price has broken down of a strong structure level and currently hovering under it. Price is under the 50 EMA and the 8 & 14 EMA crossovers signal a short-term price downtrend. We could see GBP strength continue, which would drive this pair downwards towards the next structure level.
Price could retest the structure level once more, and possibly retest the 50 EMA as well. Look out for a reversal or bearish price action at the structure level before any entries.
Let's see how this works out!
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TP 1 nicely touched after a retest in the structure zone! At least a good 50 pips bagged, cheers!