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EURGBP trade ideas

EURGBP today - Break Rectangular ConsolidationEURGBP is consolidating in a rectangular formation - .8545 - .8570. Following a Drop, this consolidation is a continuation pattern, suggesting a further Drop. Before that, look for the Smart Money to trap bulls with a false break to the upside. Most likely in the London Session, as per yesterday and a move towards the Daily R1 Pivot. The false break would be a good time to go short at a higher price and look to target the immediate demand zone at .8525
Short
by Umlingo
EURGBP BEARISH REVERSAL As we enter a new week so are the bears we have started seeing that the buyers are pulling out and so the bears will be trying to push the price down to liquidate the underlying unmitigated orders that are around @0.85153 If we have more orders then they will have to drive the market down to around @0.84600 before they can fuel the currency back up again to its bullish state but as of this week expect to see more of bears coming in and less of bulls my 1st Tp @ 0.85153
Short
by que
eurgbp sellnical Indicators Trendline Resistance: EUR/GBP is currently facing strong resistance at a descending trendline, indicating potential for further downward movement1. Fibonacci Retracement: The pair has retraced to the 61.8% Fibonacci level, which often acts as a strong resistance zone in a downtrend1. Bearish Divergence: The RSI is showing bearish divergence, suggesting that the bullish momentum is weakening and a reversal to the downside could be imminent2. Key Levels Resistance: 0.8600 Pivot: 0.8550 Support: 0.85001 Moving Averages The 50-period EMA is currently above the 200-period EMA, but the gap is widening, indicating a continuation of the bearish trend2. RSI The RSI is approaching the 50 level from above, which could signal a shift in momentum if it crosses below2. Conclusion Based on the current technical setup, EUR/GBP shows potential for a bearish move, especially if it can break below the key support levels and maintain momentum. Traders should watch for a confirmed breakdown and consider entering short positions with appropriate risk management.
Short
by Mansa_Musa_Capital