EURGBP At Key Resistance A Head of UK Data

Trade Background:

Price has returned back to major resistance level of the bearish channel . Where the sharp recovery in price resembles a V shape formation. Now that the week is almost over, we’re going to see a massive amount of economic data coming out of UK in less than 3 hours! These data include Q1 GDP, Manufacturing data, Total business investment and Trade balance. Therefore, volatility is defiantly coming soon any GBP pair. If data comes out as positive, look for price to swing back to key support levels against the EUR. 

Chart:

Trade Idea: 

Positioning: Short 
Time frame: 4H chart 
Length of Trade: 1 day to 1 week 

Entry: Between .86200 to .86400. 
Exit: .85100 

Trader Positioning:

XM Broker: High Speculative Appetite

Oanda Broker: Medium Speculative Appetite (US only)


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