EURGBP Approaching Resistance, Prepare For A Plunge
EURGBP is approaching resistance where we expect a strong drop below this level.
Sell below 0.8740. Stop loss 0.8752. Take profit at 0.8718.
Reason for the trading strategy (technically):
EURGBP is approaching our resistance at 0.8740 (Horizontal overlap resistance, 23.6% Fibonacci retracement) where we expect price to drop below this level to our major support at 0.8718 (horizontal swing low support, 61.8% Fibonacci extension).
RSI (55) is also seeing a bearish exit, in line with our bearish bias.
Sell below 0.8740. Stop loss 0.8752. Take profit at 0.8718.
Reason for the trading strategy (technically):
EURGBP is approaching our resistance at 0.8740 (Horizontal overlap resistance, 23.6% Fibonacci retracement) where we expect price to drop below this level to our major support at 0.8718 (horizontal swing low support, 61.8% Fibonacci extension).
RSI (55) is also seeing a bearish exit, in line with our bearish bias.