EURGBP rallied for 11 days after bouncing off the 200 day moving average during late February. Price has recently pulled back and a bull flag could be taking shape. This pull back offers a good opportunity for a long swing trade. Stochastic RSI is also approaching oversold territory, meaning price may soon turn and continue the bullish trend on fresh buying power.
To take this trade, I'll be waiting for price to break the mid-point of the of the corrective swing around 0.87333, or for a more conservative entry point, wait for the pivot-high of the flag (purple box) to be broken.
To take this trade, I'll be waiting for price to break the mid-point of the of the corrective swing around 0.87333, or for a more conservative entry point, wait for the pivot-high of the flag (purple box) to be broken.