SimpleFX EURGBP Chart Analysis: October 22, 2019

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The market continues to move rapidly from the upper bound of the yellow channel in the direction of its lower wall. The fact that the price is now well below the moving average, which is marked in red on the chart, can speak about a large bearish potential. Thus, in the near future, the market may decline in the direction of the support level of 0.842, which is located on the lower bound of the yellow channel. The downtrend scenario can be reversed if we see an upward breakout of the moving average near the level of 0.867. In this case, the bulls may open the way to the resistance level of 0.890.



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