Forex Trade Idea: EURGBP – Key Resistance Ahead, Looking to Sell | Feb 20

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Forex Trade Idea: EURGBP – Approaching Multiple Layers of Resistance (daily chart)

Price Action Context

Currently in a corrective structure on the bottom of a downtrend, the EURGBP has bounced of a multi-year support level near 8276 over the last two days.

However, the pressure remains on the EURGBP (along with many EUR pairs) and multiple layers of resistance lie ahead for the forex pair, so we are looking to sell higher up.

eurgbp layers of resistance levels 2ndskiesforex

Trending Analysis

ST Neutral while inside the corrective structure but MT bearish while below 8600 on a weekly closing basis.

Key Support & Resistance Levels

R: 8501, 8575

S: 8276, 8100

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