SimpleFX EURGBP Chart Analysis: September 25, 2019

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The market has been moving within the boundaries of the yellow channel for a long time. We saw a smooth decline from its upper bound to the level of the lower wall.

After the price rebound from the lower bound of this channel, the price reached its central part. Now the price is near the line, the moving average, which acts as a resistance line for the price.

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If in the near future we will see a breakdown of the resistance of 0.884, it will become clear that the price has moved to the upper yellow bound and the resistance level of 0.891. However, if the market pushes off from the moving average and the level of 0.844, we are expected to decline to the support of 0.872, located on the lower bound of the yellow channel.

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