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EUR/GBP Potential Downward Movement

Key Resistance Levels: 0.8648, 0.8695, 0.8740

Key Support Levels: 0.8592, 0.8535, 0.8495

EUR/GBP Price Long-Term: Bearish

Daily Chart:

On the daily time frame, the price is posting lower lows and highs which shows that the pair is in clear downward movement. In addition, we noticed that the price succeeded to break the daily support (new daily resistance).

EUR/GBP Medium-Term Trend: Bearish

1-hour Chart:

On the 1-hr time frame, the market found sellers at the 50% Fibonacci retracement level, plus it is respecting the white trendline. We are expecting the bears to push the price further downside to the 0.8592 mark.

Signal Idea:

Sell Order @ 0.8626

TP 1 @ 0.8592

TP 2 @ 0.8535

Stop Loss @ 0.8642

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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