The post A bearish breakout from a shallow rising channel appeared on BitcoinEthereumNews.com.

EUR/GBP is breaking out below the lower channel of a shallow rising channel.  If the break holds the pair will probably continue falling. EUR/GBP pierces below the lower channel line of its rising channel in a breakout attempt lower.  It is possible the bearish bias evident during the steep fall in August is reaserting itself. A close below 0.8423 (September 10 low) would pave the way for further weakness to a downside target at 0.8406, the 0.618 Fib extension lower. Below that lies support at 0.8385.  EUR/GBP 4-hour Chart  Alternatively, if the break proves false there is a chance the shallow rising channel could extend, with circa 0.8460 as a possible upside target.   A close above the 0.8464 high (September 11 high) would be required to confirm an upside breakout from the channel. Such a move might reach about 0.8477, the 0.618 Fibonacci (Fib) extension if the height of the channel extrapolated higher.   Source: https://www.fxstreet.com/news/eur-gbp-price-forecast-a-bearish-breakout-from-a-shallow-rising-channel-202409161057

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Filed under: News - @ September 16, 2024 11:26 am