Hi Traders! We have EURGBP bearish opportunity at the top of the channel. A detailed analysis of this potential sell setup is as follows:
EURGBP D1 Chart:
On the daily chart the price is moving inside a bearish channel. This channel is formed by the highs and lows reaching parallel resistance and support zones. The price is respecting these two zones so far. Currently the price is nearing the top of this channel, if we didn’t get a valid breakout here, we may then expect a bearish reversal to happen. Hence we may now expect one more push higher and then we may look for bearish evidences on lower timeframes in order to start looking for sells.
EURGBP H4 Chart:
On the H4 chart we have a critical zone that has formed based on the fibo levels and the top of the daily bullish channel. Hence if the price moves higher and reaches this critical zone, we may then look for bearish evidences and start looking for sells.
Note: It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this sell setup then you can use any setup and strategy that you have in your arsenal to look for bearish moves and join this sell trade.
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