Those are my views on the EUR/GBP currency pairs. On the Weekly time frame the price made a new top, but quickly retraced back below the previous one. At the same time we can see that on the Daily graph the pair made a huge wave up, followed by a quick drop and another wave up, but a lot smaller than the first one, which reached a previous consolidation area which can be counted as a . So far from what I am seeing is that the pair is running away from that area and the formation of a nice and long downtrend might be possible. I have made my trading plan on the H4 time frame for both scenarios – either the pair enters in a downtrend or it breaks the possible and goes back up almost to the last top. Below you can find the zones and the plan will be traded on the M30 time frame. I just want to add that the consolidation area can be counted as a Supply Area at this point, which acts as a resistance and the bears interest is awaken.
Sell Zone: 0.8920 to 0.8770
Buy Zone: 0.9005 to 0.9130
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