Hi Traders! EURGBP weekly range provides sell opportunity for us. A detailed analysis of this setup is as follows:
EURGBP Weekly Chart:
On the weekly chart the price is moving inside a range. This range is formed by the highs and lows reaching parallel resistance and support zones. The price is respecting these two strong resistance and support levels. Currently the price is at the middle of this range. We may now expect the price the price to move lower until it reaches the bottom of this range. We will now look for confirmations on lower timeframes.
EURGBP Daily Chart:
On the daily chart the price is moving inside a channel. Currently the price has reached near the top of this channel. So for us the direction remains bearish on the longer term. We may now expect the price to move lower until it reaches the 0.83 zone or so.
EURGBP H4 Chart:
On the H4 chart we could see that the price has created a false break with bearish divergence and if the price breaks below the zone shown in the screenshot (marked in green dotted lines) we can then expect the price to push lower and join the bears.
Whereas if the price moves higher we may then expect it to reach any of the downtrend lines, which may also form a double cycle for us. If that happens then once again we might be looking for sell opportunities.
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