Despite the weakness of the EURGBP trading, but its stability below the main bearish channel’s resistance at 0.8685 supports the previously suggested negative scenario. The current sideways trading is caused by the contradiction of the main indicators, specifically by stochastic surpass to 50 level as appears in the above image.

 

We will keep waiting for gathering extra negative momentum to ease the mission of reaching 0.8610 level and surpassing it will make it begin to target more negative stations by reaching 0.8592 and 0.8565, while breaching the resistance and holding above it will cancel the negative scenario, to begin forming strong bullish waves, to expect reaching 0.8710 and 0.8735. 

 

The expected trading range for today is between 0.8595 and 0.8675

 

Trend forecast: Bearish