EURGBP Approaching Its Reversal, Prepare For A Reversal

EURGBP Approaching Its Reversal, Prepare For A Reversal

EURGBP is approaching its resistance where we look to sell on strength.

Sell below 0.8797. Stop loss at 0.8837. Take profit at 0.8694.

Reason for the trading strategy (technically):

We see price approaching its resistance at 0.8797 (61.8% Fibonacci extension, 100% Fibonacci extension, 50% Fibonacci retracement) where we look to sell on strength. We expect to see a reversal, pushing price down to its support at 0.8694 (61.8% Fibonacci extension, horizontal swing low support).
Stochastic (89, 5, 3) is approaching its resistance at 98% where we expect to see a reversal.

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