EURGBP has been in a range on the H4 chart. However, the momentum on the intraday charts is with the sellers. Thus, we have been eyeing on the pair to go short. The first H4 candle was a Bearish Dozi and then the next one seems to be a Bearish H4 candle (it is not finished yet). If the price continues to be Bearish like this and makes an H4 breakout at yesterday’s lower low, then selling the pair would get us some green pips. Let us have a look at the H4 EURGBP chart.
Have a look at the chart. After being Bullish the price had a rejection from a strong level of Resistance. It had a little upside correction and then seems to be Bearish again. Now we have to wait for a breakout. The nearest significant level of Support is at 0.88040. If this level gets broken by an H4 candle, and then we get an H1 Bearish Engulfing Candle right at that level, then the price should reach at 0.87630 without having that many pauses. Let us have a look at the summary of the trade…
- Sell Stop Order: 0.88040
- Stop Loss: 0.88300
- Take Profit: 0.87630
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
Yesterday’s FOMC did not make EURGBP move a lot. The EURO against the USD had a big move though. Since EURGBP did not produce long spikes on the H1 or H4 chart. It seems good to keep an eye to take an entry as far as technical analysis is concerned.
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