EURGBP builds new bearish channel – Analysis – 16-10-2018

The EURGBP pair confirmed its affection by the bearish bias domination by forming new bearish channel by the resistance line consolidating around 0.8820 as appears on the chart, thus, we will continue to suggest the negative trades to expect the price move towards 0.8760 followed by repeating the pressure on 0.8723 barrier, attempting to find additional door to form new negative trades in the upcoming period.

The consolidation of the moving average 55 above the current resistance that confirms the price confinement within the negative range, also, stochastic approach to 20 level paves the way to gather new negative momentum to ease the attempt to reach the suggested negative targets.

Expected trading range for today is between 0.8810 and 0.8760

Expected trend for today: Bearish