Euro / British PoundShort
EUR/GBP pair has broken a previous support zone
It looks like the EUR/GBP pair has broken a previous support zone, turning it into a resistance zone. After this break, the price is now making a bullish correction to retest that area.
Trade Setup:
• Wait for the last low (marked by the red line) to be broken clearly by a strong bearish engulfing candle, confirming the continuation of the downtrend.
• Once this condition is met, enter a sell trade.
• The stop-loss should be placed above the new resistance zone (previous support) to avoid false breakouts.
• The target levels are based on the next key support zones, as shown in the chart.
This approach ensures a more precise entry, reducing risk and increasing the probability of a successful trade.
Trade Setup:
• Wait for the last low (marked by the red line) to be broken clearly by a strong bearish engulfing candle, confirming the continuation of the downtrend.
• Once this condition is met, enter a sell trade.
• The stop-loss should be placed above the new resistance zone (previous support) to avoid false breakouts.
• The target levels are based on the next key support zones, as shown in the chart.
This approach ensures a more precise entry, reducing risk and increasing the probability of a successful trade.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.