lyl89
Short

EURGBP - Bearish Crab Pattern on H4

FX:EURGBP   Euro Fx/British Pound
EURGBP Analysis
Bearish Crab Pattern spotted on H4.
PRZ : 15 pips
Good potential to sell because :
1) Price is close to the top of the equidistant channel
2) RSI is at overbought level
3) Hourly candles seem to be consolidating, strong resistance at 0.8807

Risk to reward is good : 1.9 (TP1) and 3.2 (TP2).

The Fib Time Zone is represented by the blue vertical lines.
Good indication for entry points (1.618 and 2).
Invalid if pattern goes beyond 3.

I will observe the next hour candle for retracement and RSI for bearish divergence.
Trade active: Entered at 0.88035, let's see how it goes.
Comment: It seems like market is still very bearish on GBP despite the good Services PMI results.

I am not positive on this trade now, looking to close at break even or a few pip loss.
Trade active: Price has gone in my favour, shifted my stop loss to break even.
Trade closed: stop reached: Stopped out at break even, will be avoiding GBP pairs for now.
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