EURGBP was taking the trendline support ever since it has formed bottom, as you can see in chart. Once EURGBP reaches the top (refer chart), it reversed downside and it has broken its trendline support as well. Now the pair is trading in a falling wedge pattern as you can see in chart. One can trade for downside once it breaks the falling wedge pattern, from a long term perspective. For a shorter term, one can trade with the rising wedge support and resistance line as stoploss for long side and short side trade respectively

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Vivek Samale

Vivek_Samale
Vivek_Samale

I have half a decade of experience as a trader and enthusiastically learning & developing new strategies in algorithm trading & also analyzing the companies with New ESG method.