EUR/GBP produced two consecutive bullish candles in the daily chart. However, the H1 chart shows that the price made a breakout at yesterday’s lowest low. The pair traded below the level. Upon finding its intraday support, it headed towards the North. The breakout level has been working as a level of resistance. If the level produces a bearish reversal candle, the sellers may find an opportunity to go short in the pair.
Chart 1 EUR/GBP H1 Chart
The chart shows that the price made a breakout at the level of 0.90125 and traded below the level for several candles. It had a bounce at the level of 0.89840 and headed towards the breakout level. As of writing, the candle has been bearish. If the candle comes out as a bearish reversal candle, the sellers may trigger a short entry below the level of 0.89970.
Trade Summary:
Entry: Sell below 0.89970
Stop Loss: Above 0.90125
Take Profit 1: 0.89670
Take Profit 2: 0.89570
Take Profit 3: 0.89410