EURGBP Approaching Support, Prepare For A Bounce
Buy above 0.8905.
Stop loss at 0.8880.
Take profit at 0.8945.
Reason for the trading strategy (technically):
EURGBP is approaching its support at 0.8905 (100% & 61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 0.8945 (50% Fibonacci retracement, horizontal swing high resistance).
Stochastic (89, 5, 3) is bounced off its support at 1.7% where a corresponding bounce could occur.
Stop loss at 0.8880.
Take profit at 0.8945.
Reason for the trading strategy (technically):
EURGBP is approaching its support at 0.8905 (100% & 61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 0.8945 (50% Fibonacci retracement, horizontal swing high resistance).
Stochastic (89, 5, 3) is bounced off its support at 1.7% where a corresponding bounce could occur.
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