Trade of the Day: EUR/GBP

EUR/GBP falling inside the hourly down channel chart pattern, which was recently identified by Autochartist. This chart pattern indicates possible bearish price movement toward the target level 0.8576. The following are the optimal entry and stop-loss levels calculated by Autochartist:  entry 0.8602 with the protective stop-loss at 0.8618.

As can be seen from the weekly EUR/GBP chart below – the pair earlier reversed down with the weekly Evening Star from the key resistance level 0.8700 (which has been reversing the pair from the middle of last year), coinciding with the 38.2% Fibonacci correction of the downward impulse from January. Given the proximity of the resistance level 0.8700, EUR/GBP can be expected all to the target level 0.8576.