EUR/GBP Price Analysis: Bears seeking 1:2 R/R from 15-min time frame

EUR/GBP is bearish on the daily and 1-hour time frame.
Bears waiting for bearish conditions on the 15-min time frame

EUR/GBP has crossed below the prior day's lows which leaves a bearish bias on the cross from where bears can start to scan the lower time frames for an opportunity.

The following is a top-down analysis that illustrates where the next bearish opportunity will arise once the conditions of the strategy have been met on the 15-min chart.

Daily chart

The daily chart shows that the price broke below the prior day's low which leaves a bearish bias for the lower time frames.

4-hour chart

1-hour chart

The 1-hour chart shows price below the 21 moving average and traders can more intermit wit the price action here.

A 50% mean reversion of the session's bearish trend is significant.

Targets can be established from the prior high volume session nodes, (or, preferably, at the point of control, POC), and close proximity of the current -0.272% Fibonacci retracement of the correction.

15-min chart

The 15 min-time frame remains in the hands of the new York bulls which have retraced 50% of the London session's range.

However, as soon as the price drops below the 21 moving average and MACD crosses below the zero-line into bearish territory, bears will look for an optimal entry.

A 1:2 risk-reward opportunity can be established from newly formed resistance structure with a stop loss above the correction's highs and a target to the -0.272% Fibo retracement of the range and confluence with 29th Nov POC.

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