EURGBP Respecting Daily Lows

FOREXCOM:EURGBP is respecting daily lows and is consolidating on a major fib level experiencing resistance at the 0.8646 level. If price can successfully break above the level with a significant retest (on the 1H) then you can expect a move to the upside. Place the target one just below the previous weekly low. The weekly candle formation is also an indicator of an exhausted market. Monitor the breakout and retest.

Remember, only use 3% max risk per trade and to move stop losses in break even with an absolute minimum of 1:1.2 risk-to-reward.