FX.co ★ EURGBP holding below descending trendline support! More downside!

Price holding below descending trendline resistance, with technical indicators showing room for further bearish downside. A further drop below 1st resistance at 0.8612 towards 1st support at 0.8564 can be expected.

Trading Recommendation

Entry: 0.8612

Reason for Entry:

61.8% Fibonacci retracement, descending trendline resistance

Take Profit: 0.8564

Reason for Take Profit:

Horizontal swing low

Stop Loss: 0.8654

Reason for Stop Loss:

Recent swing high