EURGBP Channel Trade

EURGBP Hourly

Last week, I posted a daily channel trade setup, post [here], which is yet to materialize. In the mean time, on hourly chart another channel trade setup is coming up.

Price is moving inside a descending channel. Price action looks rangy.



200EMA looks to be a good support area. 

I will be looking to short the pair on touch of channel's upper trendline for a possible move towards the mid/lower part of the channel. Stop will be just above the highs of 19-Dec at 0.8170.

Since its Christmas dull trading week, I will keep trade size half of the normal trading size.