EUR/GBP Signal – Trading The Descending Triangle Pattern Breakout

Posted Tuesday, November 13, 2018 by
Arslan Butt • 1 min read

It’s all about Sterling and the UK’s employment report today as traders are anxiously waiting for the catalysts to determine further trends. The UK labor market report is anticipated to reveal that the average weekly earnings in the three months to September are forecast to accelerate to 3.0%.

The EUR/GBP has violated the descending triangle pattern on the hourly chart. The pattern extended a solid support around 0.8725, but the level failed to hold up against a sudden strength in the pound.

Support Resistance
0.8703 0.8768
0.8674 0.8804
0.8609 0.8868
Key Trading Level: 0.8739

We are shorting the EUR/GBP at 0.8726 to target 0.8696 with a stop loss above 0.8766. Looks like we are already in profit. Let’s move the stop loss at breakeven.

Good luck!

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About the author

Arslan Butt is our Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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