EURGBP Bearish (4H Div, Dow BOS, Falling Trend)EURGBP showing signs of bearish momentum with 4H bearish Divergence and DOW Break of Structure( BOS). Price actions also broke the falling trendline that shows price will be in downward bearish momentum. There is support area for the price, where price might bounce back to upward direction. If you are not comfortable with it, then sell half of the position and break even the SL.
What do you think, will it work?
Eurgbpsellstop
EURGBP-SELL strategyI still believe strongly in a move back to 0.8530 (bottom of channel).
The pair has moved higher, and it feels as if we go higher, but I am of the view that we are overbought. We are above channel top and now a dark candle suggest we may see a break of 0.8687 trend line support. Take profit somewhere 0.8557 now.
EURGBP-SELL strategyNo change in view/direction.
We are within a small uptrend channel, but the formation is now a rising wedge with the channel. The key support 0.8650 and likely this will break for a move to lower part of channel 0.8500 short-term.
Strategy is SELL rallies between 0.8660-0.8730 and take profit @ 0.8527,
EURGBP-SELL strategyWe are clearly in a well defined false bull flag pattern and we got resistance 0.8491 area.
Stoch RSI is high up and likely will start showing negative signs in anticipation.
I would prefer SELL strategy to SELL @ 0.8450-0.8475 nd place stop above 0.8517 for now. Profit order @ 0.8308.