Pair failed to break up the last consolidation zone and it actually broke it down. It is very possible that we are now going for another cycle down. This is why I switch my view to bearish. I will be looking to join the EURGBP on retraces as long as the pair remains below 0.7170. Here is the plan.
Technical Overview:
H4 – break down of the last important support
H1 – bearish convergence, not a classical one but still convergence
Entry:
H1 – Look for double wave correction up. There is also a down trend line and horizontal support that we want the pair to respect. So once the double wave correction completes itself, preferably with hidden bearish divergence we can look for sell entries protecting the trend line and the broken support zone.
Target 1: last low created
Target 2: 0.7050
Stop Loss: above 0.7170
Video Explanation
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