I went short on the EURGBP today after seeing a strong bearish candle poking below support. This trade is very similar to the GBPJPY long I opened today. My stop loss is set just above the lows of the last 10 days, as I expect these lows to behave as short-term resistance. The reward is 1.2R.
Price has been very hesitant over the last few weeks, but there is a slight bearishness. It seems as if the EURGBP wants to break down very soon, especially now that the Greek drama has been postponed for 4 months (I personally regard the bailout extension as bearish for the EUR).
(click to enlarge)
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