EURGBP is facing bearish pressure from 1st resistance and descending trend line resistance which is in line with 127.2% fibonacci retracement. Prices might push towards 1st support which coincides with horizontal swing low support which coincides with 61.8% fibonacci extension and 127.2% fibonacci retracement. If prices break through the 1st resistance, it might push up towards 2nd resistance which coincides with horizontal swing high resistance and 50% fibonacci retracement. EMA is also above prices, suggesting a bearish pressure for prices.
Trading Recommendation
Entry: 0.85700
Reason for Entry:
Horizontal pullback support, 127.2% fibonacci retracement, descending trendline resistance
Take Profit: 0.85396
Reason for Take Profit:
Horizontal swing low support, 61.8% fibonacci extension, 127.2% fibonacci retracement
Stop Loss: 0.85854
Reason for Stop Loss:
Horizontal swing high resistance, 50% fibonacci retracement
