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EUR/GBP Potential Upward Movement

EUR/GBP Long-Term Trend: Bullish

Key Resistance Levels: 0.8566, 0.8588, 0.8600

Key Support Levels: 0.8538, 0.8502, 0.8450

Daily Chart:

The price on the higher time frame failed to break below a strong support which is the 0.8538 USD mark. This led to a reversal and a move upward by posting a huge fake breakout to the downside.

EUR/GBP Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame, the pair succeeded to break the bullish formation to the upside after finding buyers around the 50% Fibonacci retracement level. A lower correction is expected to the strong support around the 0.8538USD mark before a rally to the upside.

Signal Idea:

Buy Limit Order @ 0.8539

TP 1 @ 0.8566

TP 2 @ 0.8588

Stop Loss @ 0.8528

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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