QUICK ONE! | EURGBP (2H)

In as much as we are having downtrend overview on this pair (see link below for the last speculation on this pair), A counter-trend possibility we can take advantage of is building up. See plan below

Tendency: Temporary Uptrend (Bullish)
Structure: Falling Wedge | The Three Drive Pattern
Observation: i. Expectations of the completion of Three Higher highs indicated on the chart as Drive 1, 2 and 3 signalling a potential reversal is very high.
ii. Confirmation of an approximate of 0.618 retracements on each drive (including the leg from Drive 2).
iii. A correction building up at the 0.85750 is noticed.
iv. A falling Wedge structure (inciting a trend reversal) forming can not be ignored as we might be experiencing a breakout of the wedge anytime soon.
v. Price gaining momentum towards Moving Averages.
Trading plan: BUY now or at the completion of The Three Drive pattern with TP1, TP2, TP3 and TP4 (95pips) and SL @ 0.85200/0.85000 zone.
Risk/Reward: 1/4
Potential Duration: 2 to 7 days

** Please note that Stop Loss is subject to individual risk appetite per trade and account size.


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