Recommendation: BUY EURGBP/THEN SELL SHORT AFTER NEXT RALLY
Current Trend: Short-term sideways. Med-term down. Long-term up (for euro).
Strategy: Buy EURGBP at current levels.
Chart Setup: The EURGBP has moved sideways since early October. Right now it’s heading towards a resistance zone at line/s 2. Thereafter, I'm looking for a shortable pullback.
Strategy Details: Go long at current levels. Take profit at line/s 2 (0.9013-0.9033). Then sell short a reversal day/candle down from there.
Target: Up to 0.9013-0.9033 in the very short-term (lines 3). Then for shorting a reversal down, the target will be to 0.8925. So, two short-term trades are lining up/available here.
Stop-loss: For the long trade, stop is a close below 0.8878 (line 3). From 0.9000 raise it to a breaking of its prior one day low.When shorting a reversal down, the stop will be a close above 0.9050 or above the high of the reversal day down (whichever is higher). From 0.8955 lower stop to a breaking of its prior one day low.
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