EURGBP is closing in on an area that could proof to be too strong. on 4H RSI and stoch are close to or pretty much overbought. Both indicators can show bearish divergence if price actually stalls at the red marked area of 0.7850 - 0.7860
and this together with an area that has proved itself als a consolidation area I'm inclined to believe price will revert here it's also the 0.5 fib level of the last bearish move.
some points for the bulls. We closed above the larger bearish channel and the recent bullish candles have been very strong.
A potential short could be at 0.7850 with a stop at 0.7872 and a first tp at 0.7770, TP2 at 0.7710 and a final TP area at 0.7580.
and this together with an area that has proved itself als a consolidation area I'm inclined to believe price will revert here it's also the 0.5 fib level of the last bearish move.
some points for the bulls. We closed above the larger bearish channel and the recent bullish candles have been very strong.
A potential short could be at 0.7850 with a stop at 0.7872 and a first tp at 0.7770, TP2 at 0.7710 and a final TP area at 0.7580.
Comment:
Price actual touched the 0.618 level and then went to the first target. However there was not enough strength to take it lower and so the price reversed back.