Break out below channel, and more consolidation before impulsive move lower.
I am selling EURGBP as its on the strong resistance level, Double top is here and stoch is also in the over brought area . Trade is for short term traders..
Eurgbp seems Strong top around 0.87 level we advice sell cmp 0.8674 with sl 0.8730 TP 0.85
After Brexit price was breaking up through the long down trend channel we can now see the price is forming a double top and is overbought on RSI 14, 4H so I suspect it will take a rush down to test the old trend channel.
Eurgbp trading at 0.8620 Where on H4 its double top around 0.8630 Where on Daily base also Same if hold above on daily closing 0.8650 we can see next level 0.8780-0.8850 where if hold below 0.8650 then price 0.840-0.830 will not surprise Take little risk Sell eurgbp cmp 0.8615 SL 0.8680 TP 0.8400
Hitting Day chart resistance... coming down to possibly touch 61.8 fib retracement. 20 day average range is around 80. Makes sense that it will bounce off 61.8 since strong support is there as well. I will buy when it gets to the zone.
Consolidation sell at wave 2 correction Riding wave 3 down
Supply & Demand and Divergence at play in this trade of FX:EURGBP . I'm looking at a strong area of supply at the round number of .8500. Price bounced around this area all day Friday and couldn't break it. We have divergence on the 8H with the Stoch, and we also have a cross with the trend line & price action line. Looking to go short with a 3:1 Reward/Risk...
SUMMARY: The EURGBP pair bounced slightly during the course of the day on Friday, using the 0.8416 level as support. At this point in time, the market is looking bearish. The primary trend of EURGBP is bearish on charts and price is trading below its support trend line in its hourly chart. In its daily chart the price is sustaining below 50 day SMA that are...
Pair goes for deeper move.. Short when it crashes below..
Trading this with caution but the risk/reward seems worth it
Risk Reward Ratio: 6.48 Stop loss @ 0.84250 1st take profit @ 0.82875 2nd take profit @ 0.82245 3rd take profit @ 0.81138