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EUR/GBP Potential Downward Movement

EUR/GBP Long-Term Trend: Bearish

Key Resistance Levels: 0.8523, 0.8529, 0.8542      

Key Support Levels: 0.8503, 0.8493, 0.8485

Daily Chart:

The price on the higher time frame managed to break the strong support (now resistance) around the 0.8529 USD mark. This shows that the sellers overwhelmed the buyers especially that the breakout came along a big bodied bearish candlestick with no tail to the downside.

EUR/GBP Medium-Term Trend: Bearish

1-Hour Chart:

On the lower time frame, the price is traded inside a bearish wedge formation where it succeeded to break it to the downside. A higher correction could be seen to the lower end of this wedge before an impulsive wave toward the target profit.

Signal Idea:

Sell Limit Order @ 0.8523

TP 1 @ 0.8503

TP 2 @ 0.8493

Stop Loss @ 0.8529

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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