EURGBP - Update on 60 min time frame

OANDA:EURGBP   Euro / Britisches Pfund
Watch the pair closely now. It's been correcting for a while now, confirming the imminent drop. A great short opportunity would be to wait the completion of this small corrective structure (flat) on the 60min time frame, and sell the top of it, with a slightly flexible stop loss. A more conservative approach would be, once it has reached the top, wait for a first impulse to the downside, wait for said impulse to correct itself with a small flag and then sell the break of the flag with a stop loss above it. This way, you would maximize your R/R ratio.
Another scenario that could play out, possibly due to GBP related events, is that the pair before dropping will do one last impulse to the upside, completing what could be an expanding flat on the 4hr timeframe ( ABC ). Then the drop. Either way, be ready as if you are not in with short positions, this is your occasion. Don't miss this trade, that has a minimum target in the 0.825 area (running flat scenario on the daily) or in the 0.803 area (expanding flat scenario on the daily).
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Remember that you can always double check the bigger structures that are at play are on higher time frames, by scrolling around the charts of lower timeframes.
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential losses you might need to accept before finding a good trade.
Thank you for viewing.
Kommentar: As mentioned in our previous analysis, it seems now certain that the pair will go and retest the previous high:

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