EURGBP possible price correction
EURGBP has been downtrending for a while now.
There was a huge volume of SELLING that came in last Dec. 24. This signaled the strength of GBP, which is also evident on other GBP pairs.
Now, as the price slows down, we see an engulfing candle yesterday on the Daily TF.
This is supported as the pair made a bounce on the fib extension @0.832 area.
Before making an entry, make sure to wait for confirmation on higher TFs.
Then look for optimal positions in the lower TFs.
👀My perspective:
- Should we see another bullish action, let's say a strong breakout around 0.8350 area, I'm taking a BUY
ℹ TP: 0.8420-0.8430
🚫SL: depends on your strategy; I use martingale for risk management
There was a huge volume of SELLING that came in last Dec. 24. This signaled the strength of GBP, which is also evident on other GBP pairs.
Now, as the price slows down, we see an engulfing candle yesterday on the Daily TF.
This is supported as the pair made a bounce on the fib extension @0.832 area.
Before making an entry, make sure to wait for confirmation on higher TFs.
Then look for optimal positions in the lower TFs.
👀My perspective:
- Should we see another bullish action, let's say a strong breakout around 0.8350 area, I'm taking a BUY
ℹ TP: 0.8420-0.8430
🚫SL: depends on your strategy; I use martingale for risk management
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