Trade Alert
After breaking its short-term upside trendline, EURGBP continues to travel south, in search of the next good area of support. Recently, the pair found support near the 0.8875 level, a break of which could set the stage for a test of the 0.8855 hurdle, marked by the low of the 2nd of August. If that hurdle is not able to withhold the pressure from the bears, this could lead to further declines, we could start aiming for a possible test of the upside support line, taken from the low of the 18th of April 2017.
On the upside, for us to start examining higher levels again, we would need to see a break and a close above the downside resistance line, taken from the peak of the 29th of August. Also, a close above the 0.8935 area could invite more bulls to the table and we could see them lifting EURGBP towards the 0.9020 level, marked by the high of the 6th of September.
Always have your SL in place.
After breaking its short-term upside trendline, EURGBP continues to travel south, in search of the next good area of support. Recently, the pair found support near the 0.8875 level, a break of which could set the stage for a test of the 0.8855 hurdle, marked by the low of the 2nd of August. If that hurdle is not able to withhold the pressure from the bears, this could lead to further declines, we could start aiming for a possible test of the upside support line, taken from the low of the 18th of April 2017.
On the upside, for us to start examining higher levels again, we would need to see a break and a close above the downside resistance line, taken from the peak of the 29th of August. Also, a close above the 0.8935 area could invite more bulls to the table and we could see them lifting EURGBP towards the 0.9020 level, marked by the high of the 6th of September.
Always have your SL in place.