Key Resistance Levels: 0.8661, 0.8738, 0.8775
Key Support Levels: 0.8547, 0.8510, 0.8433
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
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.
Buy Order @ 0.8600
TP 1 @ 0.8625
TP 2 @ 0.8643
Stop Loss @ 0.8570
Trade Safely 🙂