Trading news

EUR/GBP: Is the pair breaking the neckline?

EUR/GBP produced a doji candle in the daily chart yesterday. The H4 chart shows that the price had several rejections at a level of resistance. At the last rejection, it produced a bearish engulfing candle and drove the price below the neckline. If the candle closes below the neckline, it will be considered as a breakout. Thus, the sellers may go short below the breakout candle’s lowest low. Let us have a look at the H4 chart.

Chart 1 EUR/GBP H4 Chart



The chart shows that the price had several rejections at the level of 0.90500. At the last rejection, it produced a bearish engulfing candle, which closed within the level of 0.90300. As of writing, the current candle has been very bearish. It is trading below the level. If it makes a breakout closing below the level of 0.90300, the sellers may go short in the pair below its lowest low. The current H4 candle may close within the level of 0.90000.

Trade Summary:

Entry: Sell below 0.90000

Stop Loss: Above 0.90300

Take Profit 1: 0.89875

Take Profit 2: 0.89800

Take Profit 3: 0.89685

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Friday, 14 Aug, 2020 / 12:58

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