Descending Channel on EUR/GBP

Descending Channel on EUR/GBP

Since the beginning of this week, a correction movement has been observed on the EUR/GBP currency pair. At the moment, a pronounced downward channel (M30 timeframe) has formed in the trading instrument. Local support is the level of 0.89300. It is necessary to pay attention to this situation.

If the price overcomes and consolidates below 0.89300, we recommend you to look for entry points to the market in order to open short positions. The closest target for profit taking is the "mirror" support level of 0.88950. In the medium term, the currency may reach the level of 0.88400.

View trading ideas by the Price Action method.

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.