EURGBP: The end of the DESCENDING CHANNEL
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🟢Forex Pair:
EUR/GBP
⚪Technical Analysis:
Since the 20th of January 2021, the price has been following a really strong descending channel, reaching today an important weekly support zone at about 0.86900.
This level rejected the price many times in the past and there is a nice possibility to see the same reaction.
🔴Conclusion:
I'm confindent to see the end of this descending channel, considering that the price almost reached the weekly support zone. It is currently overbought and at the end of its last bearish impulse.
By the way, I'll be waiting for the breakout of its channel before planning my long position on this trade.
A possible entry point could be a closing bar on the level at about 0.87600!
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
🟢Forex Pair:
EUR/GBP
⚪Technical Analysis:
Since the 20th of January 2021, the price has been following a really strong descending channel, reaching today an important weekly support zone at about 0.86900.
This level rejected the price many times in the past and there is a nice possibility to see the same reaction.
🔴Conclusion:
I'm confindent to see the end of this descending channel, considering that the price almost reached the weekly support zone. It is currently overbought and at the end of its last bearish impulse.
By the way, I'll be waiting for the breakout of its channel before planning my long position on this trade.
A possible entry point could be a closing bar on the level at about 0.87600!
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
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