Euro / British PoundShort
EURGBP BEARISH TRADE SETUP
Hi Traders,
The EURGBP reversed from a resistance level and broke below a key support level with an impulsive move labeled wave A "blue."
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The price has completed a bearish ABC zigzag corrective pattern which retested the broken support that lined up with 38.2 - 50.0 Fib ratio and moving averages, labeled wave B "blue."
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Considering that price has broken out of the blue CTL, and Friday's candle closed as a bearish engulfing bar at our area of interest, this setup has met our criteria for short order.
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The price has the potential to move downward toward the 61.8 and 1.0 Fib Extension to complete the wave C of (Y) as planned on the chart.
.
I wish you all a fantastic start to the week.
.
Veejahbee.
The EURGBP reversed from a resistance level and broke below a key support level with an impulsive move labeled wave A "blue."
.
The price has completed a bearish ABC zigzag corrective pattern which retested the broken support that lined up with 38.2 - 50.0 Fib ratio and moving averages, labeled wave B "blue."
.
Considering that price has broken out of the blue CTL, and Friday's candle closed as a bearish engulfing bar at our area of interest, this setup has met our criteria for short order.
.
The price has the potential to move downward toward the 61.8 and 1.0 Fib Extension to complete the wave C of (Y) as planned on the chart.
.
I wish you all a fantastic start to the week.
.
Veejahbee.
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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.