FXWW News/GBP crosses/Trade Ideas

EUR/GBP: Sitting on base of recent bearish trend channel

  • This suggests that the market is somewhat oversold (but that bear trend remains in play);
  • I would not recommend going long against this trend until a daily low forms at channel lows;
  • Existing shorts can certainly consider booking some profits near current levels at .8170.
  1. Comment…Hello Sean, Where do you think the bottom level would be for this downtrend? And, what would be the mid-term target level(s) for TP1 & TP2 please, on long position.
    Thanks and regards.

  2. Comment…Hello Sean, Where do you think the bottom level would be for this downtrend? And, what would be the mid-term target level(s) for TP1 & TP2 please, on long position.
    Thanks and regards. $EURGBP

  3. Hi Murat. Overall I think we are headed to .77 in EUR/GBP but of course there will be swings. The channel top is now near 8350 so we could potentially see rallies back to there but as I said, the trend is strong so be careful if picking the bottom

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