EURGBP is in a definite downtrend. It has entered a SELL zone, meaning the end of correction. Assuming GBPUSD got hit less than EURUSD it makes a good sense to SELL EURGBP.
However, keep in mind that this pair is highly sensitive to BREXIT deal news. That might be the reason for technical analysis not to work. So, you might consider TP earlier in case of any fear towards UK getting a bad deal or any such news from reliable news agency.
However, keep in mind that this pair is highly sensitive to BREXIT deal news. That might be the reason for technical analysis not to work. So, you might consider TP earlier in case of any fear towards UK getting a bad deal or any such news from reliable news agency.
Trade active
Comment:
Added 1 for each, ST and LT, as the price just hit the top of SELL Zone. Expect Downwards move from here.
Comment:
Rebounded right from top of the SELL Zone and already exited the zone. So you can move SL to break-even now also. I did.
Comment:
A bit of consolidation around support zone which was broken and became resistance now. You can TP your ST positions if you like, or wait for this consolidation a bit and continue for more downside. Those, who were late for this trade can enter from around here as well, use lower timeframes to catch the best prices for your positions.
Comment:
ST Positions TP triggered. Still holding 2 LT Positions with TP at around 0.86650 and SL moved to 0.88450. This SL will move accordingly to swap, commission or whatever in order to cover expenses and a small profit to satisfy our hunger :) But overall need to have patience until the set TP.
Trade closed: target reached:
as nobody is following I'm closing, this was a decent good trade I believe. Good luck.
1 ST Position (Short Term)
1 LT Position (Long Term)
add more positions in case of more pullback within SELL Zone.