Outside Bar on EUR/GBP

Outside Bar on EUR/GBP

The EUR/GBP currency pair continues to consolidate. The current technical pattern signals the development of bearish sentiment. A classic pattern of Price Action, Outside Bar, (D1 timeframe), has been formed in the trading instrument. At the moment, EUR/GBP quotes are testing the support level of 0.8940. We recommend paying attention to this situation.

If the price fixes below 0.8940, EUR/GBP sales should be considered. The nearest goal for profit-taking is 0.8860. The movement is tending to the round level of 0.8700. Confirmations and market entry points should be looked for on lower timeframes. When following positions, we recommend using a trailing stop.

by JustForex 2020.08.21

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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