Hi Traders! EURGBP channel provides sell opportunity for us. A detailed analysis of this bearish setup is as follows:
EURGBP H1 Chart:
On the H1 chart after the first leg down currently it looks like a correction is happening in the form of a channel. This channel is formed by the highs and lows reaching similar 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 look for evidences of bearish pressure on lower timeframes in order to join the bears.
EURGBP M15 Chart:
On the M15 chart we have a critical zone that has formed based on the top of the channel and the fibo levels of the cycle. Currently the price is nearing this zone, if you want to be more aggressive then you make look to sell the top of the channel with bearish evidences. If you want to be more conservative then wait for the price to move lower and break below the bottom of the channel, you may then start looking for sells with more bearish evidences.
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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