SimpleFX EURGBP Chart Analysis: October 7, 2019

The market continues to move within the large yellow descending channel. During the previous trading weeks, we saw a gradual decline in the price from the upper bound of this channel to its lower wall. After the price touched the lower wall and there was a rebound from it, the bulls took control of the price behavior. Most likely, now they are pushing the price to the upper bound of this channel and the resistance level of 0.919. This is confirmed by the fact that the price went above the moving average line, which indicates that the bulls are gaining strength. However, if we see a breakdown below the moving average line near the level of 0.889, then the price will open a path to the support level of 0.873, which is located on the lower bound of the yellow channel. However, this option of price movement is an alternative.

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