EURGBP Approaching Its Reversal, Prepare For A Reversal
Published on: April 20, 2018
EURGBP is approaching its resistance where we look to sell on strength.
Sell below 0.8797. Stop loss at 0.8837. Take profit at 0.8694.
Reason for the trading strategy (technically):
We see price approaching its resistance at 0.8797 (61.8% Fibonacci extension, 100% Fibonacci extension, 50% Fibonacci retracement) where we look to sell on strength. We expect to see a reversal, pushing price down to its support at 0.8694 (61.8% Fibonacci extension, horizontal swing low support).
Stochastic (89, 5, 3) is approaching its resistance at 98% where we expect to see a reversal.