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EUR/GBP: The sellers getting ready to make it more bearish

EagleFX

EUR/GBP produced a bearish engulfing candle yesterday. The H1 chart shows that the price made a breakout at yesterday’s lowest low and traded below the level for several candles. The price has been in consolidation. If the level of resistance produces a bearish reversal candle, the sellers may go short below yesterday’s lowest low.

Chart 1 EUR/GBP H1 Chart


The chart shows that the price has made a long bearish move. It had a bounce at the level of 0.90110 and produced a bullish engulfing candle. As of writing, the price has been bearish in the last H1 candle. If the candle closes as a bearish reversal candle, the sellers may go short below 0.90110. The H4 chart shows that the price may find its next support around 0.89450. Thus, the sellers may hold some part of their trade to grab more pips.

Trade Summary:

Entry: Sell below 0.90110

Stop Loss: Above 0.90300

Take Profit 1: 0.90060

Take Profit 2: 0.89900

Take Profit 3: 0.89600

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