The Euro is under a bear trend for some time now against the British Pound, and I think the EURGBP pair might continue to trade lower in the near term. The pair recently traded lower to trade near 0.7020 where it found buyers, and currently correcting higher. Once the correction is complete the pair could trade lower one more time. So, we should be looking for sell opportunities if the pair corrects higher moving ahead.
In order to enter a sell trade, we can wait for the EURGBP pair to correct or move higher closer to the 0.7100 resistance area.
Technical Analysis
H4– Chart representing the EURGBP pair attempting to correct higher after two-waves down.
Entry:
H1– We can enter a sell trade in the EURGBP pair if it corrects higher and trades closer to the highlighted trend line, and follows the wave duplication path.
Target 1: 0.7040
Target 2: 0.7000
Stop Loss: Above 0.7110
Video Explanation:
