we got stopped out from our initial buys on this pair and are going for another buy now after it has reached yet another strong demand zone. we can see that the bears are losing momentum and there can be a trend switch.
Here we have a short opportunity we can take on eurgbp. We can see that price is having a hard time breaking above the minor supply zone and therefore we can expect a continuation to the down side. This is a 1:8 Risk:Reward trade.
We are currently looking to take shorts from the 'minor supply zone' as indicated on the chart. we can take profits at the major demand zone indicate on the chart. Long positions should be taken from 0.86970 and 0.86558.
we are approaching a strong demand zone as shown on the chart. we can look to open long positions from 1.13604 and 1.13061.
Best option and the safest option is to wait for price action confirmation before taking longs at either of the levels mentioned.