Trade 0004 -EUR/GBP Short Setup: Targeting Lows

Good morning, Traders,

As we begin a new week, the EUR/GBP pair appears to be setting up for a short position. This will be trade number 4 in my journey towards completing 1,000 trades. On the daily and weekly Timeframe, the pair is forming clear lower lows and lower highs. Currently, we are observing a potential drop from 0.84250, with our target set at the recent lows. This trade offers a risk-to-reward ratio of 3.83, making it a worthwhile opportunity.

This setup involves a straightforward break and retest entry. While I have some hesitation around the 0.84200 level, I still expect the price to decline based on the higher timeframe market structure.

Best regards,

Renaldo Philander