EURGBP to Remain Under Selling Pressure

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.

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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:

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Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.