EURGBP took a strong Bearish move yesterday on the H4 chart. The pair produced two good-looking H4 Bearish candles consecutively. Then, the price has been on a consolidation. There is a level of Resistance, which has the potential to help the pair make more Bearish move today. Let us have a look at the H4 chart to find out the breakout and the potential level of Resistance.
As we see here, the price has been on a consolidation. However, I assume that if the price goes to the level of 0.87400 and produces an H4 Engulfing Candle from right there that would be an excellent indication to attract the sellers to sell the pair off today as well. The level to be broken here is 0.87240. Let us have a look at the summary of the trade…
- Sell Stop Order: 0.87240
- Stop Loss: 0.87400
- Take Profit: 0.86800
- 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
Today the USD has a high impact news event at GMT 15.00. The USD is somewhat related to the EURO and the GBP. Either the EURO or the GBP does not have any high impact news event. Thus, I assume that the pair would run technically today. The thing we have to make sure here is that the price makes the Resistance level at the level where we have been anticipating. If it starts down trending from far below our desired level, then the price would not travel that far or the selling pressure would be much less.
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