Trading euro against pound sterling is something you should definitely consider this weekend. Apart from this, everyone should take a closer look at Nasdaq and the US tech companies on Friday. It seems that the global wave of remote work should benefit Amazon, Google, Microsoft, and other tech companies. So far it didn’t happen this week. Stay tuned!
The current EURGBP structure indicates the formation of an uptrend inside the yellow channel. The price quickly soared from the lower line of this channel to its upper wall, after which we saw a gradual decline in the market in the direction of the lower yellow line.
It is not yet clear whether the lower line of the yellow channel will be reached, or whether the bulls will be able to take control of the situation and break through the upper green wall and the resistance level of 0.909. If this happens, the market will again open the way to the upper yellow wall and the resistance level of 0.938.
However, if the bears reach the lower yellow line and support of 0.896, in this case, we can see a break of this support and a decline to the 0.886 area.
The price moves inside two channels simultaneously, yellow and green. After the price rebound from the upper green wall, we saw a decline to the lower line of this channel, after which the market rose to the upper yellow line and pushed off from it.
Now the bears are trying to bring the price closer to the support level of 10896.7. The specified level may be reached soon. Then, if this level is broken, the market can continue to fall in the direction of 10391.4, as indicated on the chart. The level of 10391.4 is on the yellow line.
The second option of price move is possible when the price rises to the resistance level of 12122.3. If the bulls manage to break through this target level, the growth will continue further to the upper line of the green channel and the resistance level of 12918.1
