In our today analysis, we will discuss the daily and Hourly forecast. The main forecast is still the same as per the previous analysis. Today forecast may give us a close overview of upcoming movement and it may help us to get an earliest possible signal. Please go through the daily and hourly technical analysis written below.
EURGBP Daily Technical Analysis
The descending channel formation in a daily chart is near to its watching level as we discussed in the previous weekly analysis. The major resistance is at 0.8900 which is the exact level we need to focus on reversal or breakout. The current market price is 0.88394 and the minor upcoming resistance if forming around 0.8850.
EURGBP is still in a range trading and we cannot expect any big move unless price breaks its range level shown in the descending chart below.
Please have a look at EURGBP Technical Chart below, I have mentioned the possible movement diagram in it.
EURGBP Daily Technical Chart
EURGBP Hourly Technical Analysis Forecast
The reason we love to share hourly technical analysis because it helps us to get the close and earliest possible signal if the market is creating confusion in broad overview. The clear descending triangle is indicating the next possible movement as a medium or shorter trend. The beauty of the descending channel is, it breaks the downside most of the time.
The channel is getting narrow and it may break downside and could help price to fall back towards its support level.
Please have a look at the Hourly technical chart below, I have shared the possible movement diagram with some target levels.
EURGBP Hourly Technical Chart
EUR GBP SUPPORT & RESISTANCE LEVELS
Support 1 : 0.8800
Resistance 1 : 0.8850
Note: Never risk more than 2% of your capital in a single trade and always trade with proper money management plan.