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

EURGBP is facing bearish pressure from 1st resistance which coincides with 50% fibonacci extension and 78.6% fibonacci retracement. Prices might push towards 1st support which coincides with -27.2% fibonacci retracement and 127.2% fibonacci extension. If prices break through 1st resistance, prices might push up towards 2nd resistance which coincides with 78.6% fibonacci retracement and 78.6% fibonacci extension. Ichimoku cloud is also above prices, showing a further bearish pressure for prices.

Trading Recommendation

Entry: 0.85659

Reason for Entry:

Horizontal pullback support, 78.6% fibonacci retracement, 50% fibonacci extension

Take Profit: 0.85334

Reason for Take Profit:

Horizontal swing low support, -27.2% fibonacci retracement, 127.2% fibonacci extension

Stop Loss: 0.85847

Reason for Stop Loss:

Horizontal swing high resistance, 78.6% fibonacci retracement, 78.6% fibonacci extension