EUR/GBP Wedge 15 June

15 giu 2021

EURGBP

-Down trend Wedge
-0.85796 support area
-Long time frame bullish trend (Blue slope)
-RSI and Stoch not particularly useful

We could see a movement down below 0.85796 in which a short term sell position may be viable. Overall, the more likely scenario we are looking at is a break out of the down trend wedge's top slope and then a continuation with the long time frame bullish trend. This current downward movement could be seen as a bull flag. If the 0.85796 support area is broken, it would be best to not revenge trade if you have taken a long position, but to wait for a meet with the longer time frame support trend line (Blue slope).