On this weekly chart, we are drawing Pitchfork channels on EURGBP.
On the monthly EURGBP chart, we can see that the pair has reversed from the 0.9400-0.9600 zone which is close to the median line of the uptrend pitchfork channel and we could see an extended fall into the 0.8300-0.8400 zone as we don’t have visible downside resistance to it. The strong upside support is the 50% of the second pitchfork channel half.
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. On a daily chart there is a new downtrend pitchfork channel formed and the first target lower for a short trade with the 0.8780 stop loss will be 0.8600. Look early next week for a new short trade entry using the mentioned stop loss 0.8780 level as it can be seen on the chart below.
Happy trading! (click on the chart to enlarge it)
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