EURGBP 3 drives down into 8400 for reversal and cont of up-trend
Rationale
0.382 retracement of longer trend since July 2015.
Recent moves down since 15th November resembling 3 drives pattern, final leg to terminate around 8405.
Also coincides with bottom of price channel starting from April 2016.
Entry
8422
Stop 140
Limit 245
Targets
T1 8562 - 0.382 retracement of the move down 11 October (excluding the wick)
T2 8840 - 0.618 retracement top of price channel
Stop
8282 - Below recent low on 6th September 2016.
Trade management
T1 Hit - Sell half, stop to break even.
0.382 retracement of longer trend since July 2015.
Recent moves down since 15th November resembling 3 drives pattern, final leg to terminate around 8405.
Also coincides with bottom of price channel starting from April 2016.
Entry
8422
Stop 140
Limit 245
Targets
T1 8562 - 0.382 retracement of the move down 11 October (excluding the wick)
T2 8840 - 0.618 retracement top of price channel
Stop
8282 - Below recent low on 6th September 2016.
Trade management
T1 Hit - Sell half, stop to break even.