EURGBP 3 drives down into 8400 for reversal and cont of up-trend

Rationale

0.382 retracement of longer trend since July 2015.

Recent moves down since 15th November resembling 3 drives pattern, final leg to terminate around 8405.

Also coincides with bottom of price channel starting from April 2016.

Entry

8422
Stop 140
Limit 245

Targets

T1 8562 - 0.382 retracement of the move down 11 October (excluding the wick)

T2 8840 - 0.618 retracement top of price channel

Stop

8282 - Below recent low on 6th September 2016.

Trade management

T1 Hit - Sell half, stop to break even.