EURGBP had a long bullish journey on the daily chart. The price has been heading towards the South for the last six trading days. The H4 chart shows that the price has been very bearish. After having a bounce at a level of support yesterday, it has had a pullback. An H4 bearish reversal candle followed by an H1 breakout at the lowest low of the wave may drive the price towards the South again. Let us have a look at the H4 EURGBP chart.
This is another trade idea generated by the Elite Swing Trader.
The level of 0.89050 is the level where the price had a bounce yesterday. The level of 0.89255 has the potential to be a level of resistance. The price is roaming around right there at the moment as well. If the level produces an H4 bearish engulfing candle and makes an H1 breakout at the level of 0.89050, the price might go towards the level of 0.88675 with good selling pressure. Let’s have a look at the summary of the trade…
- Sell Limit Order: 0.89566
- Stop Loss: 0.89760
- Take Profit: 0.89356
The pair was up trending by obeying an uptrend trend line on the daily chart. The trend line got breached and confirmed by the daily candles. It means daily price action might attract the traders to go short on the daily chart as well. If that happens the pair might remain bearish for some days to come. Let’s wait and see what happens next with EURGBP.
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