EURGBP: Bearish Divergence and New Trade Opportunity
Euro Fx/British Pound FX:EURGBP
The price reached a resistance zone at 0.90000 level. We have a bearish divergence, which is a trend reversal signal. If the price breaks the local uptrend line, it will be a possible sell signal with stop orders above the local swing high and profit targets at 0.88550 and SMAs .
The breakout above the resistance will be a bullish signal. But I don’t think that buying in the overbought market will be a good idea. I think this market is much more interesting for shorting.
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This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Source: TW DLavrov