EURGBP is currently in a downward sloping channel and last week the pair bounced off the bottom supporting trend line extremely hard. That candle indicates we could see the bulls come in and take over the pair for this week. I’m expecting this pair to retrace at least to our 61.8 Fibonacci level, which is where we will set our take profit. The risk/reward on this trade is also attractive with a ratio of 3.61. In the near term, I’m looking for this pair to retrace down to our buy limit at 0.87214. Stop loss and take profit is 0.86849 and 0.88534, respectively. The candles agree!
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Happy trading!
For more information on trading signals, please visit rileyedwardsfx.com
Happy trading!
Comment:
We are currently up 30 pips on this trade. If your trade is live watch out for resistance around the 0.87775 levels. We might see a minor retracement so it wouldn't hurt to set your TP there and re-enter the trade once it retraces a bit.