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EUR/GBP Enters Oversold Zone – Let’s Capture Fibo Retracement!

Key Resistance Levels: 0.8661, 0.8738, 0.8775

Key Support Levels: 0.8547, 0.8510, 0.8433

Daily Chart:

The EUR/GBP pair has violated an ascending triangle pattern that was supporting the forex cross around 0.8625 level on the daily timeframe. For now, the same trading level of 0.8625 is likely to work as a resistance. Therefore, our initial target for a buy signal is going to be 0.8625. We may hold position upon breakout of 0.8625 until 0.8659.

EUR/GBP All Set for Bullish Retracement

1-Hour Chart:

On the hourly timeframe, the EUR/GBP pair has entered the oversold zone, as we can see the MACD and RSI values that hold at -0.00041 and 37.69 respectively. The values demonstrate that the sellers are exhausted and soon buyers may take control. In addition to this, the EUR/GBP pair has a closed inside-up bar pattern that has the potential to drive bullish correction in the pair. The EUR/GBP may head higher to target a 38.2% Fibonacci retracement level of 0.8629.

Signal Idea:

Buy Order @ 0.8600

TP 1 @ 0.8625

TP 2 @ 0.8643

Stop Loss @ 0.8570

Trade Safely 🙂

About Ali B.

Live Webinar Speaker & Derivatives (Forex, Commodities, and Indices) Analyst with the broad range of skills for evaluating financial data. Expert in investment trends, technical analysis, fundamental analysis, market sentiments, and trading psychology.

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