EURGBP → The market is getting ready to continue falling

5 Jul 2023

EURGBP is forming a counter-trend correction to increase liquidity and accumulate potential for a possible further decline. The trend is bearish and now there are signals that could continue the trend



Note the local uptrend channel. This is most likely a correction on the background of a bearish trend. Price can't go down all the time, so the market needs to make these maneuvers.
The price broke through the support of the correction, we expect the price consolidation.
At the moment, the support of the ascending channel and the level of 0.85412 plays a key role. Consolidation below these areas will form entry points for possible sales. The moving averages have moved towards resistance. Impulse is forming.

Support levels: 0.85412
Resistance levels: the earlier broken through channel boundary, MA50, 0.86000, MA200
I expect continuation of falling after the price consolidation under the specified levels. Most likely, the trend will continue.

Regards, R.Linda!

6 Jul 2023

Catatan