empty
 
 
01.03.2021 02:53 PM
EUR/GBP Up Reversal Signaled!

This image is no longer relevant

EUR/GBP decreased significantly since Friday after jumping above the downtrend line and beyond the 0.8700 psychological level. The pair is trading back below the downtrend line, so you should wait for a new upside breakout before considering going long, buying.

The selling pressure remains high as long as the pair is traded below the downtrend line. Selling here is risky after a 2-month drop, so maybe you should wait for a buying signal which could bring a trading opportunity with a great risk/reward ratio.

EUR/GBP Trading Conclusion!

Buy EUR/GBP if the price increases and jumps above 0.8715. Jumping above the former high could validate an upside reversal. 0.8850, 0.89, and 0.90 levels could be used as upside targets.

The Stop Loss should be placed below a former low, peak low, maybe today's low if the price continues to increase from here.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback