Descending channel on EUR/GBP

Descending channel on EUR/GBP

During recent sessions, the bearish sentiment has been prevailing on the EUR/GBP currency pair. The current technical pattern indicates a continuation of the downward trend. At the moment on the hourly chart a pronounced descending channel, which signals a further fall in the EUR/GBP quotations, was formed. The price is testing a local support level of 0.88500. We recommend you to pay attention to this situation.

If the price fixes below 0.88500, you need to look for entry points to the market to open short positions. The closest target for fixing profit is the level of 0.88100. The movement is tending to 0.87800-0.87450. When tracking the position, we recommend using a trailing stop.

by JustForex, 2018.02.20

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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