FX.co ★ EURGBP facing bearish pressure, potential for further downside!

EURGBP is facing bearish pressure from 1st resistance and descending trend line resistance which is in line with 127.2% fibonacci retracement. Prices might push towards 1st support which coincides with horizontal swing low support which coincides with 61.8% fibonacci extension and 127.2% fibonacci retracement. If prices break through the 1st resistance, it might push up towards 2nd resistance which coincides with horizontal swing high resistance and 50% fibonacci retracement. EMA is also above prices, suggesting a bearish pressure for prices.

Trading Recommendation

Entry: 0.85700

Reason for Entry:

Horizontal pullback support, 127.2% fibonacci retracement, descending trendline resistance

Take Profit: 0.85396

Reason for Take Profit:

Horizontal swing low support, 61.8% fibonacci extension, 127.2% fibonacci retracement

Stop Loss: 0.85854

Reason for Stop Loss:

Horizontal swing high resistance, 50% fibonacci retracement