• Vasily Trader

EURGBP: Potential Trend-Following Setup

Hey traders,

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.