EUR/GBP is reaching its descending channel so here are a few things to take into account:
For Longs:
-Price has rejected the big support zone below it;
-It's making its 3rd touch on top of a descending channel;
-If we can see a clear break of the channel and the 200MA on the 4H, we might wait for a re-test for a long position;
For Shorts:
-If price rejects the 200MA and fails to break the channel, wait for a reversal on a lower time frame before entering anu short positions;
Do always use stop-losses and remember this is not financial advice.
For Longs:
-Price has rejected the big support zone below it;
-It's making its 3rd touch on top of a descending channel;
-If we can see a clear break of the channel and the 200MA on the 4H, we might wait for a re-test for a long position;
For Shorts:
-If price rejects the 200MA and fails to break the channel, wait for a reversal on a lower time frame before entering anu short positions;
Do always use stop-losses and remember this is not financial advice.