EURGBP approaching the long-term sell entry

The EURGBP pair has been trading within a Channel Down since mid April 2021, practically a while year almost. As this 1D chart shows, the indicator that helps the most at identifying buy and sell entries is the RSI, which has a clear Resistance Zone (to open a price sell) and a Support Zone (to open a buy). Right now the RSI is near the Resistance Zone while the price is near the Lower Highs trend-line (top) of the Channel Down.

A rejection there will coincide with a rejection on the 1D MA200 (orange trend-line) and a Double Top on the 0.84785. The last such Double Top was seen on December 09 2021, where EURGBP got rejected and started a new sell sequence that made a Lower Low exactly on the -0.382 Fibonacci extension. Currently the new such extension is at 0.81000.

On the other hand, if the 1W MA50 (red trend-line) breaks to the upside (has been intact since January 13 2021), the trend shifts to bullish long-term and should technically start filling the Fibonacci extensions to the upside (1.382 to 2.0), which as you see happen to be almost exactly where previous Lower Highs of the Channel Down were.



--------------------------------------------------------------------------------------------------------

Please like, subscribe and share your ideas and charts with the community!

--------------------------------------------------------------------------------------------------------