EURGBP IS LOOKING GOOD FOR A SELL
GOOD RISK 2 REWARD ALSO
HOPE A FEW OF YOU GOT THAT DROP I SENT OUT
See previous analysis
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EURGBP has retraced to Fibonacci retracement
level of 0.382 as previously surmised.
Also Stoch RSI is going into overbought territory.
Be ready to jump in for a sell if you are not in already
See previous analysis
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Bat formation potential high. We have to wait for entry to point D. Let's not open the transaction before the formation is complete. The goals are indicated on the chart.
EURGBP / REBOUND?
No change from our point of view, the expected rally should be considered as a corrective structure (technical rebound), and then we expect a new bearish leg.
Price broke the downtrend line with a very strong push within the uptrend line of the daily chart. Now, it gave us a strong pin bar located between the 50/61,8% region of Fibonacci retraction. I`m going long.
Why Buy-
1) Weekly Trend Is UP
2) Price taken support from Short Term Trendline
3) Price has taken multiple support from 200 days EMA
4) Weekly Candle is Bullish Engulfing
Price bounce from mid trading range and channel zone heading towards 1.618 extension of lowest low and following higher high.
1.618 extension is also upper resistance.
1.272 extension turned into support from previous resistance
You can take the buy and set your target to that area or wait for price to reach that point and watch for potential sell reversal...
