EUR/GBP Long-Term Trend: Bearish
Key Resistance Levels: 0.8536, 0.8596, 0.8639
Key Support Levels: 0.8453, 0.8392, 0.8282
The price on the higher time frame it is posting lower lows and highs which shows that we are in a clear downward movement. Recently, the price managed to break the daily support around the 0.8536 USD level.
EURGBP Medium-Term Trend: Bearish
On the 1-hr time frame, the price is trading inside a bearish channel formation. A correction count is being formed now to the area of confluence. This area is made by a strong resistance, the higher end of the channel, and the 61.80% Fibonacci retracement level. Once it is reached a high sell pressure might occurs, and the price might reach the 0.8471 USD.
Sell Limit Order @ 0.8501
TP 1 @ 0.8471
TP 2 @ 0.8453
Stop Loss @ 0.8516
Trade Safely 🙂