RLinda ! EURGBP-> Breaking through the channel resistance

١ نوفمبر ٢٠٢٢

EURGBP indicates that an upward pattern is forming. The price opens the potential for growth of 80-130 pips.
The price was about a week in the descending price channel, the attempts to break through the channel resistance were followed by the logical reaction - the fall to the lower boundary.

Today, November 1, since the session opening the price forms pre-breakdown consolidation near the channel resistance and in the bullish momentum phase there is an upward exit from the range. Price is trading above resistance 0.86140

I assume if the bulls are able to strengthen their positions above 0.86140, the price will show us an excellent counter-trend growth followed by the change of the local trend.
The short-term target is resistance at 0.8688.
If the price returns into the range and consolidates under the resistance area, we should expect a fall.
The first target is support at 0.8574,
The second target is the liquidity zone of 0.85318.

Regards R.Linda!