EUR/GBP overbought on H1 - looking to SELL

FX:EURGBP   Euro Fx/British Pound
On Friday selling EUR/GBP             looked a good thing. Price had fallen out of the up channel it was in and had re-tested the channel and failed to break back.. With RSI overbought I was happy to SHORT this pair down to lower levels.
Mondays open saw GBP weaken quite dramatically and even with EUR/USD             falling this was not enough to move this pair south - a clear confirmation of the weakness of GBP.

EUR/GBP             is now entering an area of strong resistance coming from the lower channel and historical resistance.

We may move a bit higher from here (.7828) and WR1 pivot lies tantalizingly close at .7858 so ideally we'll get a quick spike up and a rapid retreat.

I've a SELL LIMIT at .7857 on this pair with a 20 pip STOP however if we cross the 200 sma on the 1M chart - I'll go SHORT
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out