Hello Price Action Traders.
The pair saw a new selling week going to 1.3000 area, testing the key level. In the friday session price showed one of my most used trading signals. In this case you could trade this signal making this opportunity a potential negotiation with a great risk: reward ratio. The first support is at 1.2860.
The last blog article about this forex pair analyzed the very obvious and clear short trading signal off the daily chart. Breaking previous lows in fact would have most likely bearish accelerations and so it was. Now the price may lightly retrace back until 0.9180/0.9200 resistance areas to go short again. Target areas are close to 0.8900 area.
The Eur/Gbp forex pair is living a very lateral marked phase. My trading method based on naked price action gives us the ability to trade in “range bound market”. In fact we could work on highs and lows of this not directional situation. The price showed a clear trading signal off resistance levels that can be used to sell the pair. Support areas, as you can see in the chart below, are the profit taking levels.
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