EURGBP is having a hard downside reversal
In this article, we are drawing Pitchfork channels on $EURGBP
On the monthly EURGBP chart, we can see that the pair reversed lower from the 0.9100 level which is the median line of an upside Pitchfork channel dating from 1980. This reversal is opening a long-term downside continuation to .8000 level.
Using Andrews Pitchfork tool hint: to plot Andrew’s Pitchfork on a chart, first, look for three consecutive big highs or lows at the asset’s price. These key points are highlighted in the chart below.
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We have used the combination of the top-down trading analysis and the Andrews Pitchfork channels to get to a trading entry stop loss levels and targets indicated below.
On the Weekly chart, the pair formed a downside Pitchfork channel and we have a hard break of the .8645. By a trading perspective, look for the short trade entries with the stop loss above the .8645 level targeting 0.8200 level first, and in a case of a daily close below this level look for the extreme extension lower. Downside invalidation will come on a stop loss trigger and a daily close above the .8650 level.
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