EURGBP had a strong bullish move on the H4 chart. The chart then produced a double top and made a breakout at the neckline. The pair produced an engulfing daily candle yesterday. Thus, it might be time for the sellers to look for selling opportunities. Let us have a look at the H4 EURGBP chart.
This is another trade idea generated by the Elite Swing Trader.
The chart shows that the neckline of the double top got breached by a very commanding H4 bearish candle. The price came down up to the level of 0.90885 and started having a consolidation. The level of 0.91210 seems to be the resistance level of the consolidation. If the level is held as a resistance level and we get an H4 breakout at the level of 0.90885, the price may head towards the level of 0.90375 with good bearish momentum. Let us have a look at the summary of the trade
- Sell Stop Order: 0.90879
- Stop Loss: 0.91232
- Take Profit: 0.90396
This is the first day of August. The last month was very bullish with EURGBP. Thus, when the pair is bearish on a particular chart such as the H4 or the H1 chart, it might get a bit sluggish to hit the target. As long as we get a momentum breakout, technically we are allowed to take an entry according to that trading chart. We may have to keep our patience to let a trade hit the target. We must not forget that patience is the key to do well in trading.
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