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EUR/GBP: Pair Could Break Support

By AAATrade LTDForexOct 20, 2021 04:24AM ET
www.investing.com/analysis/eurgbp-pair-could-break-support-200605644
EUR/GBP: Pair Could Break Support
By AAATrade LTD   |  Oct 20, 2021 04:24AM ET
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Looking at the EURGBP 4-hour chart, we can see it trending downwards during these past few weeks, struggling to consolidate as the bearish pressure intensified.

Initially, it failed to hold on to its 0.847 support level. It was unable to contain the breakdown from its crucial month-long support level at 0.845, which made things even worse, plummeting further and forming a support level at 0.842, which held well for the time being.

It has traded between that same 0.842 support level and overhead resistance of 0.846 for the past week and currently trades near 0.843.

Intraday View

Today, we could expect a move towards the 0.846 resistance or further consolidation within the channel.

If, however, it doesn’t manage to hold on to the current level, we could expect a pattern continuation and a drop below the 0.842 support level.

EUR/GBP 4-hour chart.
EUR/GBP 4-hour chart.

EUR/GBP: Pair Could Break Support
 

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EUR/GBP: Pair Could Break Support

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