Pennant on EUR/GBP

Pennant on EUR/GBP

Yesterday, the EUR/GBP currency pair held the resistance level at 0.88750, which triggered aggressive sales. At the moment, a classical figure of the technical analysis, Pennant, (H1 timeframe) was formed. This formation indicates a continuation of a downward trend.

If the price consolidates below the local support 0.87900, we recommend considering sales of EUR/GBP. The immediate goal for profit-taking is 0.87500. In the medium term, the currency may reach the level of 0.87200.

by JustMarkets, 2017.06.29

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

Open Account

Get Free Analytics

* required fields
Analytics
Last Articles
All Articles
How to Research Stocks
2024.04.16
For some traders, trading in stocks is a novelty, and many need help knowing where to start, how to research, or how to select stocks for trading or investing.
Read more
The Reality of Successful Trading: Forget about the Palm Tree Fantasy
2024.04.16
Trading isn't a leisurely activity reserved for exotic locales; it's a demanding profession that requires dedication, discipline, and a deep understanding of the markets. While the freedom to work remotely is a perk of trading, it's essential to dispel the myth that success can be achieved simply by lounging on a beach with a laptop.
Read more
Mathematical Expectations in Trading
2024.04.02
Mathematical expectation refers to the average outcome of a trading strategy over many trades, taking into account both profits and losses. It's a statistical concept that helps traders assess the potential profitability of their strategies.
Read more
Guides
All Guides