EURGBP has been on a short term downtrend amidst a long term uptrend. Yesterday, there was a break of the long term trendline support with a bearish engulfing pattern. Therefore, I am placing a sell limit order at 0.88668. Stop loss is just above the pattern while the take profit target is at the 61.8 Fibonacci retracement level of the long term swing low to swing high. I will cancel the pending order if price goes to TP1 before getting triggered. Trade details are as follows:
Trade Setup: CRT-Bearish Engulfing
Price Entry 0.88668
SL 0.89227 | SL pips 55.9
TP1 0.88033 | TP1 pips 63.5
RRR1 1.14
Trade Setup: CRT-Bearish Engulfing
Price Entry 0.88668
SL 0.89227 | SL pips 55.9
TP1 0.88033 | TP1 pips 63.5
RRR1 1.14