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EURGBP – Clear bearish condition

The EURGBP was rejected from an important LT resistance level around 0.8915, and it is likely to continue its way down until it reaches the next LT support level around 0.8651. It is currently trading at 0.8793 so we still have some room left to get a good risk reward ratio:

I’d like to see a retracement to the top of the range, if I see significant downward pressure around that level, I’ll go short.

I’ll stop looking for short opportunities if the EURGBP breaks 0.8837 for the upside.

Trade Safe!

Raul Lopez
Forex Training

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This entry was posted on Wednesday, June 15th, 2011 at 7:33 am and is filed under Technical. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

2 Responses to “EURGBP – Clear bearish condition”

  1. Anonymous says:
    June 15, 2011 at 4:05 pm

    spot on…I was on the same wave-length on this analysis…