EURGBP has been bearish on the daily and H4 chart. The price has been heading towards the South after having consolidations and making downward breakouts on the H4 chart. On last Friday, the price made a new lowest low. It now has been having a consolidation. If the price makes an H4 breakout, the sellers may find an opportunity to go short on the pair. Let us have a look at the H4 EURGBP chart.
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The price came up to the level of 0.90900 and had a bounce on Friday. The price did react to this level earlier as well. After having the last bounce, it seems that the level of 0.91330 has been working as a level of resistance. It has already produced an H4 bearish reversal candle. If the price continues to go towards the level of support and makes a breakout, the sellers shall wait for a pullback and an H1 bearish engulfing candle right at the breakout level to go short on the pair. Let us have a look at the summary of the trade…
- Sell Stop Order: 0.90887
- Stop Loss: 0.91373
- Take Profit: 0.90136
The level that we are waiting to get a breakout at is a very strong level of support. Thus, the breakout shall be a strong one as well. A downside breakout at this level might be very crucial which may determine EURGBP’s next direction on big time frames such as Weekly, Monthly.
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