Double Top on EUR/GBP

Double Top on EUR/GBP

The EUR/GBP currency pair has become stable after a significant rally. At the moment, quotes are consolidating. The technical pattern signals a possible correction. A classic reversal pattern, "Double Top" (H1 timeframe), has been formed in a trading instrument, which is a reversal formation. Local support and resistance levels are 0.9035 and 0.9050. We recommend paying attention to this situation.

If the price fixes below 0.9035, one should look for entry points to the market to open short positions. The nearest goal for profit-taking is 0.9015-0.9005. The movement is tending to 0.8985. When following positions, we recommend using a trailing-stop.

by JustForex 2020.08.13

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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