On Friday, EURGBP hovered around 0.89400 levels which holds a good support according to both Bollinger Bands and trend channel formed in 4 hr chart.
So, we can long this pair for approx. 0.90100 levels as take profit. It has high chances that price will test that range this coming week or maybe higher as we see from a Daily perspective.
So, we are bullish on...
The weekly right side is up with a bullish sequence against the .6920 lows from 7/17/2015. The daily right side is up with a bullish sequence against the .8272 lows from 12/13/19. The 4 hour right side is up with a bullish sequence against .8561. While above there the pair can see a turn higher.
Short term signal
TARGET : 87.94
Sell Below 0.89600 Stoploss- 0.89900 Target- 0.89200-0.88850
Reasons for trade- 1. Price is near to daily channel resistance formed in Aug 17 2.4 Hour chart has formed double top pattern and took resistance twice from 0.89900 levels. 3.multiple support taken near 89.630 which has become weak now. 4.Risk Reward Ration is more than 1:1.5
On weekly Chart Eurgbp has taken resistance 3 times from 0.91000.and Price has formed bearish engulfing candle too with long wick which suggest sellers are in control now. I will enter only if price breaks the Important level of 0.89200.