EUR/GBP produced a bullish engulfing candle in the daily chart yesterday. The pair made a strong bullish move in the H4 chart and had a bearish correction. As of writing, the price has been bullish in the current H4 candle. If the candle comes out as a bullish reversal candle, the buyers may get an opportunity to go long in the pair.
Chart 1 EUR/GBP H4 Chart
The chart shows that the price after being bullish had a rejection at 0.89365. It produced two bearish candles consecutively. The level of 0.89090 has been working as a level of support. The price has been heading towards the North. If the current candle comes out as a bullish reversal candle, the buyers may get an opportunity to go long in the pair above the level of 0.89365.
Trade Summary:
Entry: Buy above 0.89365
Stop Loss: Below 0.89090
Take Profit 1: 0.89500
Take Profit 2: 0.89600
Take Profit 3: 0.89750