EURGBP has retraced up to the 38.2 fib level from the most recent swing low which has given me an aggressive short entry point back down to the previous lows at the 0.84900 level.
We are overbought on all timeframes from the 4hr down which has given me confidence to bag at least 20 pips or so profit from this trade.
My mid-term bias however is bullish up to the 0.86100 level which has proven to be strong support in the recent past; support turns to resistance and so I will look for a longer term short position from there.
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So our target has been hit and we have bounced from the 38.2.
Where to now? Do you think we're going up to retest the highs, or should we see more bearishness on the EUR today?