bmck1
Short

EURGBP - H1 - Short Opportunity

FX:EURGBP   Euro / British Pound
Following on from successful short and a big move down after breaking through the neckline of a H&S pattern up at the recent highs, I'm still favouring a little more movement to the downside on this pair when the recent fundamentals are also taken into account.

After the most recent move down, we have been consolidating in this sideways market for a few days. We seem to have broken and closed below the lows of the consolidation 'range' this morning and I would take this as a sign to get Short this pair upon a retest of that resistance line. Pretty much at market at the time of typing this up, and will likely be entering at the close of this hourly candle (provided we don't close back up above the line - seems unlikely though).

For targets, I'd initially be looking to hit that zone of Fib confluence down with a 127.2%, 161.8% and bigger 127.2% extension all lining up in a similar area - I'll be shooting for a touch of the 0.8700 flat handle before closing half of the position. My second target will be a little lower down around the 0.8575 - 0.8600 level which is around the 161.8% extension of the same move we are using above, and also an area of relatively high activity looking left back through the charts.

Let's see whether or not this plays out over the coming days!
Trade active: Realising this was never added! Short @ 8.8775
Comment: *0.8775
Trade closed: stop reached: Forgot to update this! Stopped out on this one, still just consolidating for the moment.
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