Get started
olly48

EUR/GBP Is Breaking through Support

Short
Euro / British Pound (FOREXCOM:EURGBP)  
olly48  
FOREXCOM:EURGBP   Euro / British Pound
Trend Analysis Chart Patterns Technical Indicators EURGBP eurgbpshort eurgbpanalysis eurgbpsell eurgbpbearish EUR GBP GBPEUR
2
0
trendanalysis chartpattern indicator eurgbp eurgbpshort eurgbpanalysis eurgbpsell eurgbpbearish eur gbp gbpeur
This is breaking through a big weekly support level. Best time to enter a short is on a retest of the support now acting as resistance. This will give the safest trade setup, for a SL the highest previous point is too high for a good risk/reward ratio so it can be just above 0.618 Fib. TP is at the next support level downwards.

As I said best entry is to wait for a retest and rejection from the new resistance (previous support).
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.