Daily Price Action

(Video) EURGBP Reaches Key Inflection Point at 0.8920


Important: This site uses New York Close Forex Charts so that each 24-hour session starts and ends at 5 pm EST. These charts are essential for trading price action.

Is this the start of the next leg lower for EURGBP or a bullish breakout?

Watch the video below to see what I think.

Don’t forget to scroll down for more commentary and an annotated chart.

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EURGBP is approaching a key inflection point at 0.8920.

I mentioned the pair and pointed out this area in Saturday’s Forex Forecast video.

You can see how this area is the intersection of a horizontal level that dates back to June and descending channel resistance.

This was also our target following the EURGBP topping pattern that materialized earlier this year.

The 0.8920 region was also the focal point in my September 23 post.

I even wrote that a 0.8920 retest would be ideal when EURGBP was trading above channel support at 0.8840.

Now the question is, should we sell EURGBP or wait for a break higher?

Just because the pair is testing the confluence of resistance at 0.8920 does not mean sellers will win the battle.

Channels like the one below break all the time.

In fact, channel breakouts are one of my favorite methods of trading the Forex market.

With that said, here’s how I’m approaching EURGBP.

If we get some form of bearish price action such as a pin bar, I will entertain a short from 0.8920 resistance.

However, if bearish price action does not materialize, I will stand aside and wait for a close above resistance.

Simple enough, right?

I do think we could see EURGBP back to 0.9015 and perhaps even 0.9090 if buyers can close the pair above channel resistance near 0.8930.

On the flip side, a move lower from 0.8920/30 resistance would target 0.8840 with a close below that exposing 0.8760 and 0.8680.

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EURGBP descending channel on the daily time frame

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Richard says

Nice one coach Bennett.
I’ll stand aside and watch what happens next.

john bartholomew mosbrook says

I’m short EUR/GBP at .89231. To go long at this point is trading against a strong downtrend. Also EUR/USD is running up against stiff resistance at 1.09450. Simultaneously, GBP/USD is looking resilient at 1.23000 support. GBP is a better bet against the US Dollar than is EUR. EUR/GBP price seems stymied at .89000. So I’ll stick it. As Trump says ‘ We’ll see what happens.’

ali says

thanks sir justin for a update.

    Justin Bennett says

    You’re welcome.

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Wolls says

Dear Justin B,

Thank you for the good work you’re doing on forex trading analysis.

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Thank you

Billy says

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Zaki Ghazalli says


    Bill says

    Acompanhando a muito tempo e aí ele e bom como eu vejo que parece?…ou e mais um dos mágicos da internet rs

Simphiwe says

Hi Justin,

Thank you for sharing your knowledge, the trade idea is paying off as we speak and most of the previous ideas you’ve shared since I started following you. I hope I get to make enough in future to buy your course because it’s 100x the value.

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