EURGBP entered a range in November 2017 , from .8350 to .8850.
Resistance has held on 2 prior occasions.
Maybe on this current move to the resistance level , price punches through.
Trade possibilities
1. Buy the dip into the supporting moving average range. Set stop just below recent swing low at .8650 . Set your sights for the Key Swing High at .92 ( which is also the monthly R3 pivot). Reward to Risk 4:1.
2. Buy the breakout. Once price has retested the changed polarity now of support, take the first bar up . Stop just beneath the resistance level and swing for the .92 price. RR around 5 ( as your risk is likely to be lower).
I will probably take the riskier entry at the moving average. If price does break out, I would add to the position.
Don't chase price..... let it retrace/dip....then take it :)
Resistance has held on 2 prior occasions.
Maybe on this current move to the resistance level , price punches through.
Trade possibilities
1. Buy the dip into the supporting moving average range. Set stop just below recent swing low at .8650 . Set your sights for the Key Swing High at .92 ( which is also the monthly R3 pivot). Reward to Risk 4:1.
2. Buy the breakout. Once price has retested the changed polarity now of support, take the first bar up . Stop just beneath the resistance level and swing for the .92 price. RR around 5 ( as your risk is likely to be lower).
I will probably take the riskier entry at the moving average. If price does break out, I would add to the position.
Don't chase price..... let it retrace/dip....then take it :)