EURGBP: Bearish Market Condition, short opportunities in play
The EURGBP is trading in a medium term range in between 0.9272 and 0.9079, around a 200 pip range. This is very nice range for this cross as it doesn’t move that much. Please take a look at the next chart:
Since the EURGBP was rejected from the long term resistance level, we should be looking for short trading opportunities.
My Trading Plan
As long as the market keeps trading below 0.9241, I will be looking for short trading opportunities. All take profit orders will be placed above the next long term support level around 0.9079
All short trading opportunities will be ignored.