EURGBP has been in a range on the H4 chart. The H1 chart shows that the momentum is with the sellers so far. Today, the first H4 candle was Bullish, and then the next one was a Bearish reversal candle. This means if the pair makes a breakout downside with a strong H1 momentum, then we might get a short opportunity on the pair later today. Let us have a look at the H1 EURGBP chart.
The level of 0.87995 has been working as a level of Resistance and the level of 0.87860 as a Support here. It would be great if the price goes back to the Resistance level again and makes a breakout at the level of 0.87860. This would be a Double Top and an hourly breakout then. Let us have a look at the summary of the trade…
- Sell Stop Order: 0.87860
- Stop Loss: 0.87995
- Take Profit: 0.87430
- 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
The pair might make a breakout right from here as well. However, it would not create that much selling pressure. The best would be a Double Top and an Hourly breakout. When these two things happen together, it attracts traders a lot to take an entry. Eventually, a pair gets enough liquidity to hit the target at a good pace. Especially technical traders love to wait for a breakout with a Double Top or a Double Bottom. In today’s case, sellers will be waiting for a Double Top to take a short entry on EURGBP.
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