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EUR/GBP: Buyers eyeing to get bullish reversal at key level


EUR/GBP made a bearish move in the daily chart. The pair produced a doji candle on Friday. This may make the pair make a bullish move. Moreover, it made a breakout in the H1 chart and traded above the level for several candles. The price may make a bearish correction. If it produces a bearish reversal candle at the breakout level, the buyers may get an opportunity to go long in the pair.

Chart 1 EUR/GBP H1 Chart

The chart shows that the price was in a range for several hours. Then, it made a bullish breakout at 0.89720. It continued its bullish move for two more candles and then had a rejection at 0.89950. As of writing, the last candle closed as a bearish candle as well. Thus, the price may continue its bearish move and find its support around 0.89720. If that happens and the level ends up producing a bullish reversal candle, the buyers may go long above the level of 0.89850.

Trade Summary:

Entry: Buy above 0.89850

Stop Loss: Below 0.89720

Take Profit 1: 0.90080

Take Profit 2: 0.90150

Take Profit 3: 0.90280

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