I've entered a short position in EUR/GBP tonight, banking on a move lower.  The daily chart shows that this pair is in a downtrend with clearly defined lower highs and lower lows.  It appears that we have just formed another lower high, which will hopefully provide a good low-risk entry for me.

Zoom in to the 4 hour chart (shown below), and we see the formation of the most recent lower high in more detail.  The pair is bouncing off of a down trendline on the 4 hour chart, and the current 4 hour bar shows a push below recent support, with the next area of support a ways away.

So I've entered a short position on this pair and we'll see how it turns out.  I could be wrong, but I hope not!  :-)

• Short Entry:  0.89108
• Initial Stoploss:  0.90762