Head and shoulders
Daily chart shows a downtrend for EURGBP. So we are looking in the charts for ideas to go short.
This one is a possible entry short on the M15 chart, based on a head and shoulders pattern where the neckline is also a double bottom. First Target for this trade is the S1 daily pivot, which coincides with a H4 Support level.
Sell Stop at 0.7070 (cancel order if right shoulder is broken upwards)
Stop Loss at 0.7087 (just above right shoulder)
Close half position at 0.7058 and move stop loss to break even.
This one is a possible entry short on the M15 chart, based on a head and shoulders pattern where the neckline is also a double bottom. First Target for this trade is the S1 daily pivot, which coincides with a H4 Support level.
Sell Stop at 0.7070 (cancel order if right shoulder is broken upwards)
Stop Loss at 0.7087 (just above right shoulder)
Close half position at 0.7058 and move stop loss to break even.
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