EUR/GBP Daily Price Forecast – 31st March 2020
EURGBP has been bearish on the daily chart. The pair made a strong bearish move on the H4 chart. Upon finding its support, the price has been on an upward correction. A level of flipped resistance may come into play and drive the price towards the downside. There is enough space for the price to travel towards the South. Thus, the H4 sellers may be interested to go short in the pair and that would create a good bearish momentum. Let us have a look at the H4 EURGBP chart.
This trade idea was generated by our powerful Elite Swing Trader System on an H4 time frame.
The chart shows that the price after being bearish had a bounce at the level of 0.88725. It produced an inside bar bullish candle and pushed the price towards the North. The price had a rejection at the level of 0.89465 and produced a Doji candle. If the price heads towards the South and makes a breakout at the level of 0.88725, the sellers may trigger a short entry to grab some green pips. Let us have a look at the summary of the trade…
- Sell Stop: 0.88635
- Stop Loss: 0.89833
- Take Profit: 0.87663
Tip of the Day: Since the daily chart shows that, the nearest level of support is quite a distance, the H4 sellers may consider taking a partial profit at the take profit level. The price may head towards the level of 0.85470. Eventually, it may even go up to the level of 0.83000. It would take time but the way it has been heading towards the South, it is very much on the card.
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