Friday, April 06, 2018

EUR/GBP Is Aiming For 08650 In The Short Term

EUR/GBP is developing within a slightly bearish trend channel which is especially clear on the W1 time frame.

I think the next target of the pair will be the support trend line of the channel, which is around 0.8650.
The scenarios that could follow after that are two:

In the first scenario there could be a breakout below the support trend line and a depreciation to 0.8350 – 0.8300 which is a strong support on the monthly time frame.

In the second scenario the pair will remain within the channel and there will be a rally to the resistance trend line.

The market will decide which scenario is valid, but at this stage both look equally probable.