Good morning traders, today we bring you a swing trade opportunity in the EUR/GBP pair, as we consider that it has great downside potential.
🔸As we can see, the price has been in a marked downtrend for several months, and at the moment we do not see any clear sign of reversal.
🔸Otherwise, a large support zone was recently broken to the downside.
🔸Since then, the price has remained in a consolidative process.
🔸What we are waiting to consider a bearish trade in this pair is a new retest of the broken support zone (now resistance zone).
🔸If that happens, we will wait for some price action confirmation, such as a clear reversal pattern on the daily chart, to look for a trade in that direction.
🔸The target zone is the next support zone at 0.83000. There is a distance of approximately 350 pips from the resistance zone.
🔸As we can see, the price has been in a marked downtrend for several months, and at the moment we do not see any clear sign of reversal.
🔸Otherwise, a large support zone was recently broken to the downside.
🔸Since then, the price has remained in a consolidative process.
🔸What we are waiting to consider a bearish trade in this pair is a new retest of the broken support zone (now resistance zone).
🔸If that happens, we will wait for some price action confirmation, such as a clear reversal pattern on the daily chart, to look for a trade in that direction.
🔸The target zone is the next support zone at 0.83000. There is a distance of approximately 350 pips from the resistance zone.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.