SHORT POSITION

TECHNICAL FORECAST FOR EUR/GBP: BEARISH
EUR/GBP DAILY PRICE CHART


EUR/GBP ATTEMPTS TO SET FOOTING AFTER TUMULTUOUS SELL-OFF
The normally sleepy pair of EUR/GBP has been abnormally active so far in early 2021 trade, driven by a growing divide between the UK and Europe around vaccine progress. The pair did finally start to probe some support a few weeks ago that’s since helped to hold the lows, and this plots around the 78.6% Fibonacci retracement of last year’s major move.

But sellers have remained very persistent, and this opens up a couple of interesting possibilities given that support is still, as of this writing, in place. First, traders can approach the setup with breakout potential in mind, looking for a breach of Fibonacci support to lead into a possibly new bearish trend. Or, alternatively, a pullback to find resistance around a prior area of support could re-open the door for bearish trend strategies. This could be sought around the 61.8% Fibonacci retracement of that same major move that had helped to set support in early-February.

This can keep the focus for the pair on the bearish side, looking for the British Pound to continue to outperform the Euro.


We are looking at sell position for a target @ £(0.83011) with our stoploss above £(0.8838) Fibonacci Retracement


If you find this helpful and want more FREE Updates on TradingView
. . . . . Please show your support back,
. . . . . . . . Hit the 👍 LIKE button,
. . . . . . . . . . . Drop some feedback below in the comment!

❤️ Your Support is very much 🙏 appreciated! ❤️

💎 Want us to help you become a better Forex trader?

Now, It's your turn!
Be sure to leave a comment let us know how do you see this opportunity and forecast.

Trade well, ❤️
1_GFX English Support Team ❤️

Trade ativo