EUR/GBP is at the edge of the channel

EUR/GBP is at the edge of the channel

2019-11-11 • Updated

Trade idea

SELL 0.9035; TP1 0.9000; TP2 0.8900; SL 0.9060

EUR/GBP has reached the lower end of the bullish channel visible on the D1. As long as it’s trading below 0.9100, we will keep seeing a top on the chart that greatly resembles a “Head and Shoulders” pattern. Selling will become an option in case the pair breaks below the channel support at 0.9040. The downside targets will lie at 0.9000 (38.2% Fibo of the March-August advance) and 0.8900 (50% Fibo, H&S target). On the upside, if the price rises above 0.9140, the next resistance will be at 0.9180. An advance above this level will open the way back up towards 0.9300.  



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