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EUR/GBP Potential Downward Movement

EUR/GBP Long-Term Trend: Bearish

Key Resistance Levels: 0.8632, 0.8700, 0.8738

Key Support Levels: 0.8588, 0.8549, 0.8494

Daily Chart:

The price on the daily time frame is trending to the downside by posting lower lows and highs. Currently we are in the middle of a correction that retraced to the 0.8632 USD mark. After that move we expect further movement to the downside.

EUR/GBP Medium-Term Trend: Bearish

4-hour Chart:

On the 4 – hour time frame, the pair is trading inside a bearish flag formation. A higher correction might be seen to the resistance where the price could tumble all the way down to our target profit.

Signal Idea:

Sell Limit Order @ 0.8632

TP 1 @ 0.8588

TP 2 @ 0.8549

Stop Loss @ 0.8654

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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