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Fan Yang

EUR/GBP - I Think we Should Respect 0.89

EUR/GBP has been in a choppy slightly bearish channel since late 2017 as we can see on the daily chart.

EUR/GBP Daily Chart

(click to enlarge)

Channel Resistance:
- Note that price is approaching channel resistance. This is one reason I believe we should respect the 0.89 area for resistance.
- Another clue for the bearish outlook is that the RSI has been holding under 60 and has been able to tag 30. This reflects maintenance of the bearish momentum.

0.89 is Key:

- We should also acknowledge that a break above 0.89 could mean a shift from consolidation mode into at least a bullish swing towards those 2017 highs around 0.9250.
- Otherwise, if things remain the same and continue in this falling channel, we could see downside to 0.86. 

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