Ambipath
Short

EURGBP Bearish Retracement Down Within a Channel

FX:EURGBP   Euro / British Pound
FX:EURGBP            

This pair invalidated my bearish prediction last week due to fundamentals pushing it up. At this point, I think it can't ignore the technicals and will have to go down a bit before continuing its movement up within a channel. It is overbought on multiple indicators including RSI and Stochastic and there is a clear long term MACD bearish divergence. We can also see a reversal candle pattern that has been displayed recently to further confirm expected move down.

I will be opening a short term short position and will hold it until it reaches target price or shows bullish signs.
Trade closed: target reached: Performed as expected, profit target reached.
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