EURGBP – Limited upside inside the Expanding Wedge

FX:EURGBP   Euro / British Pound

EURGBP - Intraday - We look to Sell at 0.9000 (stop at 0.9025)

Bearish divergence can be seen on the daily chart (the chart makes a higher high while the oscillator makes a lower high), often a signal of exhausted bullish momentum, or at least a correction lower. Price action has formed an expanding wedge formation. The trend of higher lows is located at 0.8930. The formation has a measured move target of 0.8826. Bespoke support is located at 0.8932. Preferred trade is to sell into rallies.

Our profit targets will be 0.8830 and 0.8800

Resistance: 0.9000 / 0.9010 / 0.9080
Support: 0.8930 / 0.8825 / 0.8800
Order cancelled: Day trade idea - cancelled. 10 new free reports posted
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