Rejection at Daily Resistance | EURGBP Short

Hi Traders,

This looks a nice setup for a short opportunity on EURGBP. Price retraced to the 0.50 fib level which aligns with the daily resistance. The strong bearish candle on the 4HR timeframe confirms that price wants to continue downward. I will be looking for an entry on the minor 1HR resistance, perhaps after market open.

Share your thoughts.

Remember any trade can be a loser so do your own trade analysis and use proper risk management.