EurGbp on the daily time frame shows us a nice narrowing channel that will breakout soon. At this point we have to be patience and see how it will close today. By the looks of it a buy is currently the most likely with a take profit around 0.87.
If the lower range breaks we see a next support at 0.8350 which can be used as a take profit target. Use a stop loss 30 pips above or below the upper/lower channel depending on the direction of the breakout.
Since we wait till the daily time frame close you can alternatively look at the 4 hour time frame 4-6 hours before market closes to spot the short term move.
If the lower range breaks we see a next support at 0.8350 which can be used as a take profit target. Use a stop loss 30 pips above or below the upper/lower channel depending on the direction of the breakout.
Since we wait till the daily time frame close you can alternatively look at the 4 hour time frame 4-6 hours before market closes to spot the short term move.
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