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14.07.2021 03:08 PM
EURGBP facing bearish pressure, potential for further downside!

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Price is facing bearish pressure as it continues to hold below the descending trendline, moving average and Ichimoku cloud resistances. We could see a reversal at 1st resistance, in line with 61.8% Fibonacci retracement, 78.6% Fibonacci extension, descending trendline resistance and horizontal pullback resistance, and further downside towards 1st support, in line with -27.2% Fibonacci retracement and 78.6% Fibonacci extension.

Trading Recommendation

Entry: 0.85388

Reason for Entry:

61.8% Fibonacci retracement, 78.6% Fibonacci extension, descending trendline resistance and horizontal pullback resistance

Take Profit: 0.85132

Reason for Take Profit:

-27.2% Fibonacci retracement and 78.6% Fibonacci extension

Stop Loss: 0.85580

Reason for Stop Loss:

161.8% Fibonacci extension and horizontal swing high resistance

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
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