Price broke the ascending channel at 75.32 and is currently pulling back. I'll be entering short at around 75.10. My TP is around 74.70. I may hold some of my position if PA suggests further downside to 74.36.
Price has been in a descending channel since 20th March, on the 23rd of June a strong bearish engulfing candle was formed on the daily, however sellers were unable to follow through and price has been climbing higher since.
On the 1H time frame we have a head and shoulders pattern formed with a recent break and is currently in the process of retesting the...
Price has made a bearish engulfing on the daily time frame. On the 4h time frame price has recently bounced from a trend line dating from 13th Dec and has also just broken an ascending channel dating from 30th April.
I'll be looking for bearish price action at confluence of resistance around 1.25920 on the 1 hour time frame. If i find an entry my target will be...
On the 9th of July the EURGBP broke out of a channel dating back to the 30th April lows at 0.86712. Price now comes back to retest the bottom of the channel which is also a confluence of resistance. I'll be looking on both the 4H and 1H for any bearish price action. 0.88788 area will be my objective if i find an entry.
Trade idea - Wait for bearish price action around the 1.71600 area which is a confluence of resistance on the 4H time frame.
Possible target around 1.70200 which would be a confluence of support.