EURGBP Forming the first 1D Death Cross since January 2021!

The EURGBP pair is completing today the first Death Cross on the 1D time-frame since January 21 2021. That is a strong long-term bearish signal on its own. On the short-term though, the price just hit the bottom of its 5 month Channel Down, while the 1D RSI, which is also on a Channel Down, hit its own bottom while turning oversold (below 30.00) for the first time since March 10 2021.

As a result, we've opened a buy on EURGBP, expecting a +1.69% rise, targeting the top of the Channel Down at 0.87150. If however the price closes below Support 1 (0.85475), then the selling pressure due to the 1D Death Cross will most likely pile up and we will turn bearish instead, targeting Support 2 (0.84100). The R/R ratio on this action plan is very favorable.


-------------------------------------------------------------------------------

** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! **

-------------------------------------------------------------------------------

💸💸💸💸💸💸
👇 👇 👇 👇 👇 👇