Make sure you enter this trade before the market closes. You only have 1 hour left!
The price has bounced three times off the horizontal support of the descending triangle. Each bounce was slightly less strong, which denotes the characteristic of the triangle.
The bounces were respectively ~4%, ~3%, and ~1.5%. Now that the triangle broke, we can see that bears are winning from the bulls.
I expect EURGBP to start a downtrend where bears will keep pushing the price down. The most logical first test will be around this support area.
To profit from this trend, we can place a short trade, with a stop loss slightly above the support of the descending triangle (S/R flip).
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-------------------------------------------------------------- Disclaimer! This post does not provide financial advice. It is for educational purposes only!
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Perfection!
The price dropped exactly according to the trend that I laid out in the idea, and then bounced off the support zone, and now staying around this area. I love it when a plan comes together.