Buy above 0.8891.
Stop loss at 0.8851.
Take profit at 0.8950.
Reason for the trading strategy (technically):
EURGBP is approaching its support at 0.8891 (100% & 61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap support) where price is expected to bounce up to its resistance at 0.8950 (38.2% Fibonacci retracement, horizontal overlap resistance).
Stochastic (55, 5, 3) is approaching its support at 4.4% where a corresponding bounce is expected.
Stop loss at 0.8851.
Take profit at 0.8950.
Reason for the trading strategy (technically):
EURGBP is approaching its support at 0.8891 (100% & 61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap support) where price is expected to bounce up to its resistance at 0.8950 (38.2% Fibonacci retracement, horizontal overlap resistance).
Stochastic (55, 5, 3) is approaching its support at 4.4% where a corresponding bounce is expected.