By: DailyForex.com
Currency: EUR/GBP
Method: Ichimoku, Technical Analysis
Description: The EUR/GBP continues to follow a long term descending channel. The pair managed to break below the Ichimoku Cloud on the 4-hour chart and I think the pair is getting ready for a retracement towards the previous support at 0.8415.
Recommendation: Short
Target Area: 0.8479, 0.8415 and 0.8350 (please close 1/3 at each target)
Stop-Loss: 0.8625 (once the pair hits 0.8479, please move your s/l to the entry point)
**As of August 19, 2013 - please update stop-loss to 0.8545