​EUR/GBP Direct Drop Aiming for S2 Pivot

October 11, 2018

By Admiral Markets

EURGBP Daily Chart - Technical Analysis

Source: EUR/GBP Admiral Markets MT5 with MT5SE Add-on – Accessed: 11.10.2018 00:41 AM

EURGBP Weekly Chart - Technical Analysis

Source: EUR/GBP Admiral Markets MT5 with MT5SE Add-on – Accessed: 11.10.2018 00:41 AM

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The EURGBP currency pair is having a retracement after successfully rejecting from the trend line, making a bearish zigzag pattern. Currently the price is hanging around the S1 Support. The BOE is expected to provide the BOE Credit Conditions Survey soon. The report includes detailed data on secured and unsecured lending to households, small businesses, non-financial corporations, and non-bank financial firms, and It’s correlated with spending and confidence. The EUR/GBP currency pair should move with a a higher volatility after the release. Don’t forget to follow our Forex calendar for all regular updates on the news,economic announcements, forecasts and much more.

Technically, the EUR/GBP currency pair should drop further. In the case of any retracement towards the POC, the price could reject from the 0.8825-45 zone. Targets are 0.8735 and 0.8684. Break below 0.8680 should target 0.8590. Only above R1 and the blue trend line the the price might move into a bullish mode. Watch for any retracement or rejection, and always pay attention to price action before you start making new entries. Never chase the price, and be patient.

Pivot Lines – Weekly Support and Resistance

POC – POC – Point Of Confluence (The zone where we expect the price to react – aka the entry zone)

This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.

Article by Admiral Markets

Source: ​EUR/GBP Direct Drop Aiming for S2 Pivot

Admiral Markets is a leading online provider, offering trading with Forex and CFDs on stocks, indices, precious metals and energy.