Daily Technical Analysis & Spotlight On EUR/GBP - Wednesday, Oct. 20
The latest daily technical analysis reveals the key support and resistance levels that each of these assets is likely to reach today. Look at the charts and our market analysts’ observations below and gain a fresh perspective on trading.
EURGBP
Looking at the EURGBP 4-hour chart, we can see it extending its downward trend these past few weeks, struggling to consolidate as the bearish pressure intensified. Initially, it failed to hold on to its 0.847 support level and then also failed to contain the breakdown from its crucial month-long support level at 0.845, which made things even worse, plummeting further and attempting to form a support level at 0.842 which held well for the time being. It has been stuck for the past week between that same 0.842 support level and overhead resistance of 0.846 and it's currently traded at a 0.843 price range.
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.
(Click on image to enlarge)
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