The EURGBP just entered into a bearish market condition. It traded for 3 days in a short term range in between 0.8823 and 0.8776 (because it was trading at an important long term resistance level – blue line). Please take a look at this chart:
So, we will have a bearish market condition as long as the market continues to trade below the short term range.
Here is my trading plan:
As long as the market continues to trade below 0.8776, I will look for short trading opportunities, targeting the next long term support level at 0.8649.
All long opportunities will be ignored.
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