FX.co ★ EURGBP is facing bearish pressure, potential reversal!

Price is facing bearish pressure from our first resistance, in line with our descending trend line, horizontal swing high resistance, 61.8% fibonacci extension and 78.6% fibonacci retracement where we could see a reversal below this level. The Ichimoku cloud is showing signs of bearish pressure in line with our bearish bias. A break below our downside confirmation level could provide the bearish acceleration to our take profit target.

Trading Recommendation

Entry: 0.89572

Reason for Entry:

descending trend line, horizontal swing high resistance, 61.8% fibonacci extension and 78.6% fibonacci retracement

Take Profit: 0.89090

Reason for Take Profit:

Horizontal swing low support

Stop Loss: 0.89770

Reason for Stop Loss:

Horizontal swing high resistance