Review EURGBP.See picture.
Five years period. P&F chart.
(With only price as the sole analytical factor, P&F charts are uniquely capable of reveal*ing a clearer, less muddled representation of such vital technical analysis dynamics as trend, support/resistance, and breakouts.)
EUR/GBP We can notice mixed direction signals on indicators and ADX shows that the trend is very week if we only take them into consideration. On the other hand, according classic analysis we can see a descending channel alongside the pair's steady trading below 61.8% extension makes us expect the pair to continue the bearish move towards 0.8820 at least and then 0.8790.
The trading range is among the key support at 0.8790 and key resistance now at 0.8975.
The general trend is to the upside as far as 0.8020 area remains intact with targets at 1.0000 followed by 1.0400 levels.
Support: 0.8820, 0.8800, 0.8790, 0.8720, 0.8675
Resistance: 0.8880, 0.8905, 0.8930, 0.8975, 0.9000
Recommendation: Based on the charts and explanations above our opinion is selling the pair from 0.8865 targeting 0.8790 and stop loss above 0.8905 might be appropriate[actionforex]
"P&F EURGBP30 Box Size 20X3 or(0.66%) HI/LO
Data 0.9411 - 0.8833 ~ 2 Month ~ 58.04 Day
Database 2001 records 0.88716 (Last Close)
2009-11-18 09~30 (GMT+01:00) Paris BJF Trading Group chart"