EURGBP Excellent short-term sell signal

The EURGBP pair easily hit our 0.5 Fibonacci Target following the symmetrical Double Bottom rebound, as mentioned on our last call (March 20, see chart below):


We now switch to the lower 4H time-frame as a strong sell signal emerged. The 4H RSI got rejected inside its 1-month Sell Zone and the pair that is trading within a Bullish Megaphone already reached (and is so far holding) its 4H MA50 (blue trend-line).

The last similar Bearish Leg reached at least the 0.618 Fibonacci retracement level before rebounding. As a result we have now a rough sell Target at 0.85635 (Fibonacci 0.618) but we will close earlier if the RSI hits the Buy Zone before the price hits the Target.

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