Swing Trade idea on EUR/GBP
Good morning traders, today we bring you a swing trade opportunity in the EUR/GBP pair, as we consider that it has great downside potential.
🔸As we can see, the price has been in a marked downtrend for several months, and at the moment we do not see any clear sign of reversal.
🔸Otherwise, a large support zone was recently broken to the downside.
🔸Since then, the price has remained in a consolidative process.
🔸What we are waiting to consider a bearish trade in this pair is a new retest of the broken support zone (now resistance zone).
🔸If that happens, we will wait for some price action confirmation, such as a clear reversal pattern on the daily chart, to look for a trade in that direction.
🔸The target zone is the next support zone at 0.83000. There is a distance of approximately 350 pips from the resistance zone.
🔸As we can see, the price has been in a marked downtrend for several months, and at the moment we do not see any clear sign of reversal.
🔸Otherwise, a large support zone was recently broken to the downside.
🔸Since then, the price has remained in a consolidative process.
🔸What we are waiting to consider a bearish trade in this pair is a new retest of the broken support zone (now resistance zone).
🔸If that happens, we will wait for some price action confirmation, such as a clear reversal pattern on the daily chart, to look for a trade in that direction.
🔸The target zone is the next support zone at 0.83000. There is a distance of approximately 350 pips from the resistance zone.
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