By: Doug Rosen
The EUR/GBP approaches the end of the week bouncing off last month's low. It is also bouncing off the Weekly S2 Reversal Pivot as well as the Daily S1.
Since I do expect weekly profit taking from the bearish pair I would also expect bounces to the upside. If price were to break back up above yesterday's low of 0.8694 I would wait for it to reach the 0.8724 region then pull back.
I would then expect it to bounce back down to around 0.8700 then I would look to take this pair long with a stop loss 0.8685 and expect this pair to reach 0.8743 If this pair was to break 0.8640 I would then consider taking a short and leaving a tight stop loss at around 0.8650 I would be more bias to the upside due to Friday profit taking since this pair is sitting on strong support.
