xerxeschongxian26

EURGBP SHORT BASIC STRUCTURE + 1234

Short
FX:EURGBP   Euro / British Pound
Looking at EURGBP , price has been a down trend since April this year. Price has retraced to touch the 0.618 RETRACEMENT OF XA. The 0.618 - 0.718 RETRACEMENT ZONE also confluences with a major structure level, the previous high!

Looking deeper, we see that the retracement is also a 1234 SETUP, confluence with RSI DIVERGENCE and a DOJI , whose upper wick extends into the 0.618-0.718 RETRACEMENT ZONE.

Would be a fantastic setup to short. However, bearing in mind the EU Referendum happening on 23/06/16 which will decide if the UK will stay in the EU, i will probably sit this pair out, at least until the storm passes!