EURGBP Is Approaching Resistance, Lookout For A Reversal!
Sell below 0.8782. Stop loss 0.8817. Take profit at 0.8713.
Reason for the trading strategy (technically):
EURGBP is approaching its resistance at 0.8782 (horizontal swing high resistance, 61.8% Fibonacci retracement, 61.8% Fibonacci extension) which coincides with its ascending support-turned-resistance line. We expect price to drop below this level to its support at 0.8713 (horizontal swing low support, 61.8% Fibonacci extension, 61.8% Fibonacci retracement).
RSI (34) is also approaching its resistance where we expect to see a corresponding drop in price.
Reason for the trading strategy (technically):
EURGBP is approaching its resistance at 0.8782 (horizontal swing high resistance, 61.8% Fibonacci retracement, 61.8% Fibonacci extension) which coincides with its ascending support-turned-resistance line. We expect price to drop below this level to its support at 0.8713 (horizontal swing low support, 61.8% Fibonacci extension, 61.8% Fibonacci retracement).
RSI (34) is also approaching its resistance where we expect to see a corresponding drop in price.