EUR/GBP is seen to be trending below the 50 ema in an aggressive fashion. A potential entry to join the downtrend on the 1 hour chart lies between the levels ~0.7000 and ~0.7080 which nearly coincide with the declining 50 and 20 emas respectively.
A formation of a high test bar/reversal pin bar/shooting star will be a sign of a short set up at either 20 ema and 0.7080 (Scenario 1), or 50 ema and 0.7100 (Scenario 2). Other signals include consolidation and breakout after multiple tests below resistance or in the resistance zone, or double top formation within this area (Scenario 3).
A formation of a high test bar/reversal pin bar/shooting star will be a sign of a short set up at either 20 ema and 0.7080 (Scenario 1), or 50 ema and 0.7100 (Scenario 2). Other signals include consolidation and breakout after multiple tests below resistance or in the resistance zone, or double top formation within this area (Scenario 3).