Buy above 0.8881.
Stop loss at 0.8837.
Take profit at 0.8955.
Reason for the trading strategy (technically):
EURGBP is testing its support at 0.8881 (100% Fibonacci extension, 50% & 23.6% Fibonacci retracement, horizontal overlap support) where we expect price to rise to its resistance at 0.8955 (50% Fibonacci retracement, 61.8% Fibonacci extension, horizontal swing high resistance).
Stochastic (55, 5, 3) has reversed off its support at 3.5% where a corresponding rise could occur.
Stop loss at 0.8837.
Take profit at 0.8955.
Reason for the trading strategy (technically):
EURGBP is testing its support at 0.8881 (100% Fibonacci extension, 50% & 23.6% Fibonacci retracement, horizontal overlap support) where we expect price to rise to its resistance at 0.8955 (50% Fibonacci retracement, 61.8% Fibonacci extension, horizontal swing high resistance).
Stochastic (55, 5, 3) has reversed off its support at 3.5% where a corresponding rise could occur.