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EUR/GBP Potential Downward Movement

EUR/GBP Long-Term Trend: Bearish

Key Resistance Levels: 0.8536, 0.8596, 0.8639

Key Support Levels: 0.8453, 0.8392, 0.8282

Daily Chart:

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

1-hour Chart:

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.

Signal Idea:

Sell Limit Order @ 0.8501

TP 1 @ 0.8471

TP 2 @ 0.8453

Stop Loss @ 0.8516

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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