EUR/GBP Signal – Trading The Descending Triangle Pattern Breakout

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 See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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