EURGBP – Euro Remains a Sell vs Pound

The Euro continued to remain under pressure with all Greece drama surrounding the Euro Zone. The EURGBP pair can be the one to watch out for, as it might present us a nice sell opportunity. There is a band-to-band move on the 4 hours chart, which means a minor correction from the current levels in two ways might be seen as a selling opportunity.

Alternatively, if the pair does not correct higher, and breaks down, then there is a triangle formed on the hourly chart. We can enter a sell trade once the pair closes below the same.

Technical Analysis

H4 – Band-to-band move. Possible continuation towards downside after a short-term correction.

H1 – Wave duplication resistance around 0.7260. Sell Zone.

Entry:
H1 – We can enter a sell trade for the EURGBP pair if it moves lower from the current levels, breaks the highlighted triangle and settles below it.
Target 1: 0.7150
Target 2: 0.7110
Stop Loss: Above the high created before entering into the trade.

Video Explanation:

Yours,
Vladimir