EURGBP Daily Sell Setup – 11th Jan 2017

Technical Analysis

EURGBP Daily

EURGBP Daily chart is in head and shoulder pattern formation. Price ticked off the 61.8% Fib level yesterday and ended up closing the day with a shooting star (bearish candlestick formation) indicating possible reversal. I'd look for signs of reversal on smaller TF for a sell.

EURGBp 4hr

On the 4hr, price still looks bullish making sequence of HH and HL. However, it is worth noting that we're trading at weekly extreme at WR3 and we're still very early in the week, so the probablility of trading this back to WPP is a possibility. If price fail to breach current high or makes a double top, I'd look to go short. Alternatively, for a conservative approach, wait for price to break the immediate bullish trendline and a retest to go short.

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