EURGBP A Chance For Possible SHORT Trade In Near Future

Observing the monthly charts closely (The image below) 4 crucial support and resistance levels can be identified and at the moment the price is rangebound between 0.90300 and 0.86600 Levels.

Looking Deeper into the Weekly chart (The image below), The price is rangebound and seems to be to respecting the 0.89400 well. This overall suggests that the price might probably be heading downward for the time being

Now Looking more deeper into the daily chart, the price is currently stuck in a larger channel in which the price has just tested its upper boundary and is seems to be heading lower to test the lower boundary of the main channel. To confirm this scenario a break of the mini channel thats forming must occur before this pair can be taken short.

The GBP Strength will most likely return see the attached link for analysis, and looking at the overall picture it might not seem to be a bad idea to take this pair short when the criteria is met

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Any potential entry would be updated on this thread should the requirements are met

Comment:

This Trade position represents a great short opportunity, however the entry criteria are not looking good on this one as the price may face the support from the 50 EMA both on weekly and daily charts.

Furthermore, even if the criteria are met the risk reward ratio will be less than 1, which is not in our favour. i will look forward in the coming days if any opportunity arises