EURGBP Is Testing Its Resistance, Prepare For a Reversal
Sell below 0.8836. Stop loss at 0.8887. Take profit at 0.8729.
Reason for the trading strategy (technically):
EURGBP is testing its resistance at 0.8336 (61.8% Fibonacci retracement, 100% Fibonacci extension, horizontal overlap resistance) where we expect price to react off it, causing it to fall to its support at 0.8729 (100% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap support).
Stochastic (89, 5, 3) is approaching resistance at 98% where a corresponding reaction is expected.
Reason for the trading strategy (technically):
EURGBP is testing its resistance at 0.8336 (61.8% Fibonacci retracement, 100% Fibonacci extension, horizontal overlap resistance) where we expect price to react off it, causing it to fall to its support at 0.8729 (100% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap support).
Stochastic (89, 5, 3) is approaching resistance at 98% where a corresponding reaction is expected.