EURGBP Trade Idea

Looking at EURGBP daily chart, the pair is fast approaching its previous bottoming out zone which occurred during Jan-Feb. this year. This zone should once again provide good support for a rally.

Immediate resistance is at 0.8683. Support levels lie at 0.8659, 0.8644 and 0.8620.

Trade idea:

Allocate 3 lots for this buy set up. Start buying at 0.8659. If the pair goes lower, buy once again at 0.8644. If the pair still goes down, buy another lot at 0.8620.

Set first take profit target at 0.8764. If this level is reached, move stops to break even and look for second profit target of 0.8770. If this target is reached as well, move your trailing stop to 0.8746 and look for third profit target  at 0.8785.

I will post updates on this trade if situation has changed to warrant changing of  support/resistance levels.

Yesterday’s GBPUSD trade has been triggered above above  1.5431. New take profit levels are 1.5478 and 1.5503.