EURGBP has recently broken the long term trendline support and a bullish AB=CD has been completed. D completion at 0.87749 is within a potential reversal zone between the 127.2 and 161.8 Fibonacci extension level of leg CB. The confirmation of the bullish bias is a candlestick breaking and closing above the short term trendline resistance on H1 timeframe. Thus, I am placing a buy limit at 0.88043. Stop loss is just below the 161.8 Fibonacci extension of leg CB. The take profit target is set at the 38.2 Fibonacci retracement level of leg AD. I will cancel the pending order if price goes to TP1 before it gets triggered. Trade details are as follows:
Trade Setup: Bullish AB=CD
Price Entry 0.88043
SL 0.87512 | SL pips 53.1
TP1 0.88986 | TP1 pips 94.3
RRR1 1.78
Trade Setup: Bullish AB=CD
Price Entry 0.88043
SL 0.87512 | SL pips 53.1
TP1 0.88986 | TP1 pips 94.3
RRR1 1.78