The idea is to trade the Bullish divergence in the EUR/GBP pair. For confirmation a buy order is placed just above the previous high, a break of which will mean at least a short-term reversal of the downtrend. RSI looks seriously oversold both on 4h and Daily timeframes, thus a pullback is expected. Furthermore, price approached a significant support level, from which we have seen strong retracements in the past (Daily timeframe). TP1 based on the 38.2 Fib rertracement, TP2 - 50% Fib. Sl below the recent low. Those who want additional confirmation could wait for the break of the downtrend line, but then the RRR would be significantly lower.
We can still see a move lower and fundamentally GBP looks pretty strong, thus am going to risk with just 25% of my usual risk level.
We can still see a move lower and fundamentally GBP looks pretty strong, thus am going to risk with just 25% of my usual risk level.
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Both profit targets achieved!
