EURGBP has been going towards the South with huge selling pressure on the H4 chart. The price has kept making lower lows by making new breakouts. After producing a strong H4 bearish candle, the price seems to have started having the correction. This means this is the time for the sellers to get ready to sell the pair off again. Let us have a look at the H4 EURGBP chart.
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The level of 0.85615 is the level from where the price has started having its correction. It’s time for the price to find a level of resistance and to produce an H4 bearish engulfing candle. As things stand with the H4 chart, the level of 0.86240 has the potential to be the level of resistance and produce the reversal candle that the sellers will be looking for. If that happens, then an H1 breakout at the level of 0.85615 will be the signal to take a short entry. Let us have a look at the summary of the trade…
- Sell Stop Order: 0.85615
- Stop Loss: 0.86240
- Take Profit: 0.84615
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All the GBP pairs look good. They seem to have enough liquidity and this eventually leads the pair to make breakouts. This is good, but traders must be aware that the GBP could be extremely volatile. Thus, stop loss is a must thing to have with every single trade. Today and tomorrow the GBP does not have any high impact news event. Then again, traders must be extra careful with the GBP pairs.
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