Directly from Vladimir Ribakov's Live Trading Room

We have a possible Bearish scenario for this pair. What we are looking for is a possible break out of the channel on the Daily chats. If we look to the Daily charts and mark the following areas .84216 and .82768 we can see that we have had a couple attempts to break out of the channel before but they have all been false breaks. Now if we get the break to the down side this will have been the third attempt and usually the third attempt is the most reliable. So this is what we are looking for, a break and close below .82768, retest and hold with the combination of the break of the RSI indicator support line should give us our signal to sell ad we will be aiming the channel duplication area around .8156.

EURGBP

EURGBP trade setup for March 22, 2012

EUR/GBP Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
0.8239
0.8270
0.8299
0.8330
0.8359
0.8390
0.8419

 Fibonacci
0.8270
0.8293
0.8307
0.8330
0.8353
0.8367
0.8390

 Camarilla
0.8312
0.8318
0.8324
0.8330
0.8334
0.8340
0.8346

 Woodie's
-
0.8270
0.8299
0.8330
0.8359
0.8390
-

 DeMark's
-
-
0.8344
0.8322
0.8284
-
-