Currency Analyst since 2010

EUR/GBP: trade idea

Dima Chernovolov

  •  EUR/GBP reached sell targets 0.7380 and 0.7340
  • Next sell targets - 0.7300 and 0.7200

EUR/GBP has been falling sharply in the last 2 weeks – reaching the two sell targets that were set in our earlier forecast for this currency pair (0.7380 and 0.7340). The price recently corrected shortly up to test the former support level 0.7430 (acting as resistance now after it was broken by the active minor impulse earlier this month) – from where it reversed down sharply and continues to fall at the time of the writing.

The pair is currently approaching the support trendline of the wide weekly down channel from the middle of 2011 (as you can see from the weekly EUR/GBP chart below). If EUR/GBP breaks and closes below this support trendline, the pair can then fall to the next sell targets 0.7300 and 0.7200 (forecast price for the completion of the active impulse 3).

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