EURGBP is the Forex Pair to Watch Today

The current structure suggests that the market is moving simultaneously inside two channels, green and yellow. After the rebound from the lower green bound, a sideways movement within the yellow channel towards the upper green wall began.

There is a possibility that during the next trading days we will see a continuation of the price movement in the yellow channel. In this case, the price may alternately push away from its upper and lower bounds until the upper green wall is reached. Bulls may reach the upper green wall near 0.861.

But if in the near future we see a break of the lower bound of the yellow channel near 0.850, it may mean that the bears are gaining strength to push the price to the lower bound of the green channel and the support level of 0.824.