In this analysis, in H1 we see a possible entry in short position in EUR/GBP using these Fibonacci levels
Now, In Daily we see a bearish scenario
So, that is all my simple analysis and just is wait for entry in short position.
1. Pound to Euro exchange rate range bound as Eurozone Factory output...
My opinion on FX:EURGBP is bearish, we had surprising news from the ECB monetary policy statement which drove the Euro down with their stimulus package that attempts to boost the Eurozone economy, the press conference and the announcement of the ECB calling for a big fiscal stimulus as the ECB has mentioned that monetary policy would not be enough alone to help...
I open sell position on EURGBP at 0.8784. SL 0.8813 because pair can go higher and make another higher extremum near 0.8800
TP1 - 0.8748 RiskRewardRatio - 1.3
TP2 - 0.8726 RiskRewardRatio - 2.0
TP3 - 0.8711 RiskRewardRatio - 2.5
Off course i will close profit position manually if i'll see somithing wrong.
If EURGBP going lower - you need to see EURUSD and GPBUSD...
The reason I am shorting the EURGBP are listed below:
1) There has been a very strong resistance line dating back to June with 5 attempts to the upside and only breaking it twice but it has been a zone that is not easy to break.
2) The pair has been in a strong downtrend since early September and I believe it is now in an area of consolidation.
3) Taking the...