This is a good opportunity for an entry to go long. GBP/EUR is currently ranging in a bullish channel, price is currently at the low of the channel and so far has failed to breakthrough. Stops can be placed just below the trendline and targets are at the high of the channel. Resistance may be found at the bearish trendline that is forming within the channel (as shown). However, if this is broken we can expect price to reach the top of the channel.