EURGBP sharp rally expected to retrace 50%

FX:EURGBP   Euro / British Pound
110 1 6
The pair has been on a sharp uptrend with an angle more than 60 degrees. It has reached now a major weekly supply area with a top around 0.8065. Sold this pair around 0.7994 and looking for profit around the 0.7500 area or better. Place a stop loss right above the 0.8065 figure risking around 70 pips for a possible gain of 500 pips. RR ratio is slightly better than 1:7
Trade active: Still holding the short and if price peaks to around 0.8100 will short again. Still looking at Target of 0.75000 or lower
Comment: Price peaked briefly above 0.8100 and thought about adding to the short then but chickened out :). I still think we may get one more push up to the mid 0.8100 before reaching the final price peak. Will rethink adding to the short position once we hit 0.8000 going down and once again below 0.7800 going down.
Trade active: Seems like I have entered this trade way too early but it is so good to miss. Still believe that we may go higher a little above the 0.8150 and that would be an optimum short entry. However I am already in it and still think even shorting now is a good entry. for the past several sessions the price has been in a range between 0.8050 to 0.8095. The sellers are certainly not lining up here and the buyers are not too enthusiastic about buying at this high of a price. the rise of the weekly trend line is more than 60 degrees which means the drop will be sharp and quick. Let us see what next week brings, hopefully the move we are looking for.
Today an evening star candle reversal formation was completed. That is a great sign of reversal the next demand level going down is around 0.7910-30, I will keep my eye on that one, we may get a small bounce out of it. Thank you for looking at my analysis and your thoughts are welcomed.
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