Hi Traders! EURGBP range provides bearish opportunity for us. A detailed analysis of this sell setup is as follows:
EURGBP Weekly Chart:
On the weekly chart currently it looks like a possible bearish divergence is forming at the moment. If the bearish divergence completes itself we may then consider this as an evidence of bearish momentum.
EURGBP Daily Chart:
On the daily chart we have a strong resistance zone that has formed. In addition to this the price has also created a triple top, we may consider these as evidences of bearish pressure. We may now look for more evidences of bearish momentum on lower timeframes in order to join the bears.
EURGBP H4 Chart:
On the H4 chart the price is moving inside a range, this range is formed by the price reaching parallel resistance and support zones and the price is respecting these zones so far. Currently the price has reached the top of this range and is moving lower. As long as 0.91 holds we may look for sells with 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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