FX.co ★ KHALISA | EUR/GBP

Journal October 8, 2026

Good morning fellow traders, I hope you are staying healthy and profitable today. In this trading journal for October 8, 2026, we will discuss the EURGBP pair on the daily timeframe, which has entered a buyer's area, which is quite interesting to watch. In terms of movement, EURGBP has experienced a very sharp and impulsive decline. The price, which peaked at 0.86100 in mid-September, plummeted in less than two weeks to reach 0.84480 in early October. This nearly 160-pip decline brought the price into a strong support level below, around 0.84627. In this area, a clear rejection reaction occurred on the last daily candle, where a long lower wick appeared and the price closed back above 0.84744. This reaction has the potential to signal an early price increase or short-term reversal due to buying pressure starting to enter the support area. However, in the long-term context, the downtrend remains valid and serves as the primary bias. This can be seen from the current price position, which remains below the 50-day moving average (EMA) red line at 0.85600 and also below the middle Bollinger Band. As long as the price is unable to rebound and close above the 50-day moving average (EMA), the daily bearish structure remains intact. The Bollinger Bands, which previously widened upwards, are now beginning to bend downwards following the falling price movement, indicating increasing selling volatility. This condition is further reinforced by the MACD (12,24,8) indicator, which shows a value of -0.002223 below the signal line of -0.001003, with a histogram that is increasingly negative and widening downwards. The MACD's position below zero confirms that selling momentum remains very strong and seller pressure is currently dominating. In conclusion, the overall trend for EURGBP remains bearish, but since the price has entered a strong support area and there has been rejection, there are two options. In the short term, the potential for a buy correction can be exploited by entering a buy position at 0.84700 with a stop-loss below support at 0.84450 and a 1:1 target at 0.84950. As for the main trend-following plan, we can wait for the price to retrace upwards to the 0.85500 area, which is the former support-turned-resistance level and coincides with the 50-day moving average (EMA). We can then sell with a stop-loss at 0.85800 and a take-profit at 0.85000.