EUR/GBP 2 Scenarios Analysis
EUR/GBP is currently following a descending trendline and it's approaching a Resistance Zone at 0.8940-0.8955, leaving us with two possible scenarios:
Long:
-RSI is close to oversold levels, indicating a possible reversal;
-If we get a good rejection candle at the Resistance Zone, price might reverse and head to the upside, at a first instance until it touches the Descending Trendline and, if it breaks it, the next target would be the Resistance Zone at 0.9080-0.9095;
-If price consolidates around the Support Zone and makes a strong and impulsive bullish candle, a long position could be on the table aswell.
Short:
-If price consolidates around the Support Zone, look for an impulsive bearish candle to confirm a continuation to the downside.
Long:
-RSI is close to oversold levels, indicating a possible reversal;
-If we get a good rejection candle at the Resistance Zone, price might reverse and head to the upside, at a first instance until it touches the Descending Trendline and, if it breaks it, the next target would be the Resistance Zone at 0.9080-0.9095;
-If price consolidates around the Support Zone and makes a strong and impulsive bullish candle, a long position could be on the table aswell.
Short:
-If price consolidates around the Support Zone, look for an impulsive bearish candle to confirm a continuation to the downside.
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