[EURGBP] Mid-term trading strategies

#Forex #EURGBP #Daily #Midterm
- Here’s EURGBP 1D chart. A lot of FX pairs have shown some high difficulty with frequent moves that are quite unpredictable.
- As can be observed from the chart, there are a lot of noises, stop huntings, bull/bear traps, whipsaws, and long candle tails.
- Consequently, such strategies with wider risk/reward ranges on higher timeframes are necessary in this type of market.
- EURGBP showed a bear trap after breaking bottom of the green channel, re-entering into the channel again.
- At the same time, it broke the black channel above and is currently testing resistance of the blue trendline and thus I will be bullish for a while right after it successfully breaks the blue trendline.
- The resistances I am considering are 0.885~0.888 and 0.900~0.903 and trading setups can be designed as shown in the chart.
- In shorter term, I am considering 0.848~0.851 significantly as a short-term bottom which is bottom of the green channel. If this area fails supporting, I would be bearish for a while.
- A decent area to enter long is around the retest area of the black channel currently located at 0.836~0.839 and such trading setups can be implemented.

Comment:

Developing POC and VAs are somehow now showing above so refer to the chart below.