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AlgoSurfer

EURGBP 4H Long - E0.8877; SL0.8812; TP0.9149; RR4.17

Long
Euro / British Pound (FX:EURGBP)  
AlgoSurfer  
FX:EURGBP   Euro / British Pound
Support and Resistance Parallel Channel Oscillators support higherlows reversalsignal Bullish Patterns
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supportandresistance parallelchannel oscillator support higherlows reversalsignal bullish
EURGBP seems to be leaving the bearish channel. We can see multiple signals that confirm there's a possible trend reversal coming up, leaning to bullish:

Strong signals
1. The chart retested the strong support area around 0.8866
2. There's two higher lows (HL) a third one would me the confirmation even stronger

Weak signals
3. The chart is grinding the lower band which could mean an upward move is imminent
4. MACD shows that K% is nearing D% which could mean a trend reversal leaning to bullish
5. Stochastic RSI shows price was oversold recently

Trade setup
Entry: 0.8877
Stop loss: 0.8812
Take profit: 0.9149
Risk reward ratio: 4.17

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