EUR/GBP increasingly overbought and heading for stern resistance. Looking to SELL this pair if we reach .7857 where I have a SELL LIMIT order set.
The GBP was under the cosh yesterday and is down over 1% today so caution is needed but with oversold conditions on most GBP pairs, if we get GBP buyers entering the market then SHORT EUR/GBP makes sense............but we need to wait for confirmation.
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GBP is strengthening from oversold conditions and EUR/GBP looks to be putting in a pinbar reversal candle on H1 so I'm SHORT this market from .7830 with a STOP at .7842. This is a flexible STOP as there's still a chance we could see a run up to WR1 but for a 12 pip risk, its worth jumping on board now. SHORT from .7830 STOP .7842 TARGET .7740 area initially