Ride the channel and EMA with EURGBP

Aug 7, 2020

EURGBP has been just touching and retracing from the daily 50EMA recently for about 3 times.

Using fibo retracements as indicators of support and resistance zones shown by the grey rectangles, I'm looking to long EURGBP with SL just below the support zone and TP just below the resistance zone.

Risk to Reward at about 1.7, I'm fine with that.
RSI looks downward sloping, but the 4H chart looks alright.

Let's see how this trade goes next week.

Have a blessed weekend =)