Current Price Action: The pair is hovering around 0.8300, with support near 0.8280.
Bearish Confirmation: A sustained break below 0.8478 could target the 55-day EMA at 0.8455, reinforcing the bearish outlook.
Market Sentiment: The broader trend suggests that the rise from 0.8221 may have completed, meaning further downside movement is possible.
Technical Indicators: Volume contraction within the triangle indicates weakening bullish momentum, increasing the likelihood of a bearish breakout.
Target Levels: If the breakdown occurs, the next major support lies near 0.8221, which was a previous low.
Trading Strategy
Entry Point: Consider short positions if EUR/GBP breaks below 0.8478 with strong volume confirmation.
Stop Loss: Place stops above 0.8527, which is a key resistance level.
Profit Target: Initial target at 0.8450, with extended downside potential toward
Bearish Confirmation: A sustained break below 0.8478 could target the 55-day EMA at 0.8455, reinforcing the bearish outlook.
Market Sentiment: The broader trend suggests that the rise from 0.8221 may have completed, meaning further downside movement is possible.
Technical Indicators: Volume contraction within the triangle indicates weakening bullish momentum, increasing the likelihood of a bearish breakout.
Target Levels: If the breakdown occurs, the next major support lies near 0.8221, which was a previous low.
Trading Strategy
Entry Point: Consider short positions if EUR/GBP breaks below 0.8478 with strong volume confirmation.
Stop Loss: Place stops above 0.8527, which is a key resistance level.
Profit Target: Initial target at 0.8450, with extended downside potential toward
Trade active
Trade Active.Trade closed: target reached
Market is ready to move near towards target
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.