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

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