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EUR/GBP Potential Downward Movement

EUR/GBP Long-Term Trend: Bearish

Key Resistance Levels: 0.84753, 0.84898, 0.85129.

Key Support Levels: 0.84365, 0.84255, 0.84104.

1-Hr Time Frame:

The price on the higher time frame failed to break a strong resistance level around the 0.84753 GBP mark where it posted a bar with a long wick to the upside showing a sell pressure. Near the resistance there is a bearish with a huge body signaling the reappearance of the sellers and might succeed to reverse the market.

EUR/GBP Medium-Term Trend: Bearish

5-Mins Time Frame:

On the lower time frame, the market posted a bearish impulsive wave and then entered into a correction and managed to break it to the downside. a higher correction could be seen before a new bearish impulsive wave to the downside.

Signal Idea:

Sell Limit Order @ 0.84643

TP 1 @ 0.84363

TP 2 @ 0.84255

Stop Loss @ 0.84779

Trade Safely 🙂

In many cases we manually use market orders instead of pending orders to trade the trading ideas we send you. This is higher risk, and you can decide if it suits your trading style.

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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