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EUR/GBP Potential Upward Movement

EUR/GBP Long-Term Trend: Bullish

Key Resistance Levels: 0.84755, 0.84809, 0.84862.

Key Support Levels: 0.84618, 0.84487, 0.84000.

1-Hr Chart:

The price on the higher time frame found support around the area of confluence made of the support and the 38.20 % Fibonacci retracement level. This could show that the retracement is done it is time for a new impulsive wave toward the next key resistance level.

EUR/GBP Medium-Term Trend: Bullish

5-Mins Chart:

On the lower time frame, we can notice that the price failed to break the bespoke support around the 0.84619 GBP mark which led to a buyers control of the market. The price moved higher and we expect this to continue all the way up toward the next key level.

Signal Idea:

Buy Limit Order @ 0.84623

TP 1 @ 0.84751

TP 2 @ 0.84809

Stop Loss @ 0.84559

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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