EURGBP: Potential Trend-Following Setup
This morning with my students we discussed a shorting opportunity on EURGBP .
The pair is trading in a downtrend.
Retracing from 0.842 level, the price reached 0.8465 strong resistance cluster.
On that, the pair formed a horizontal trading range.
To catch a trend-following move wait for a bearish breakout of the support of the range.
You need at least hourly candle close below.
Then short aggressively or on a retest with your first goal being 0.843 level.
In case of a bullish breakout of the range, the setup will be invalid though.