EUR/GBP Long-Term Trend: Bearish
Key Resistance Levels: 0.8523, 0.8529, 0.8542
Key Support Levels: 0.8503, 0.8493, 0.8485
The price on the higher time frame managed to break the strong support (now resistance) around the 0.8529 USD mark. This shows that the sellers overwhelmed the buyers especially that the breakout came along a big bodied bearish candlestick with no tail to the downside.
EUR/GBP Medium-Term Trend: Bearish
On the lower time frame, the price is traded inside a bearish wedge formation where it succeeded to break it to the downside. A higher correction could be seen to the lower end of this wedge before an impulsive wave toward the target profit.
Sell Limit Order @ 0.8523
TP 1 @ 0.8503
TP 2 @ 0.8493
Stop Loss @ 0.8529
Trade Safely 🙂