EURGBP

EURGBP reached a key level of resistance after a very strong bullish move, at this area we have previous structure on daily time frame, we also have the 61,8 Fibonacci retracement. Last Friday we got a bearish daily candle at this level showing at least that this could be a profit taking area here. So now we want to look and see if bears will enter the market and start the correction move to the downside.

On this 4H chart we see first that we do have a very strong bearish divergence on RSI, and to be more sure about the possible reversal here I am watching the lows of this 4H range to be broken first. After that I am looking for a short on the retest of the broken structure with a SL above the the highs of that range and targeting the previously broken structure resistance at 0,86800 as first target.


Happy trading…
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