Dear Forex Friends,
On todays analysis I will concentrate on the eurgbp daily chart.
When I was inserting fresh support and resistance levels on the chart I noted that price was at resistance.
Todays move was very interesting where price retested resistance gave a nice upper wick and engulfed yesterdays candle.
You may see this touch as a lower high scenario which may lead to a change of trend.
It is the first lower high (number 3) since November 2015.
Resistance: 0.79000 to 0.79500
Support: 0.77500 to 0.77000
Therefore I recommend a short trade on this pair with a stop loss over todays candle.
If price continues its down move then I like to take profits at number 4.
Stochstik is also overbought giving some confluence for this trade idea.
I wish you the BEST OF PIPS