This morning with my students we discussed a shorting opportunity on EURGBP. The pair is trading in a downtrend. Retracing from 0.842 level, the price reached 0.8465 strong resistance cluster. On that, the pair formed a horizontal trading range.
To catch a trend-following move wait for a bearish breakout of the support of the range. You need at least hourly candle close below. Then short aggressively or on a retest with your first goal being 0.843 level.
In case of a bullish breakout of the range, the setup will be invalid though.
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only then we short!