EUR/GBP: trade recommendations
By Felipe Erazo
EUR/GBP has found resistance at the 0.8014 level, where is located the 61.8 Fibo level. Now, it is very likely that this pair begins to fall, because that is very strong resistance level and the bearish bias is currently dominating the high charts (H4, Daily) of the EUR/GBP. In addition, the EUR/GBP is below the line GANN line (black-line), which supports our bearish outlook.
If the EUR/GBP manages to make a breakout in the support level of 0.8007 (50.0 Fibo level), next target would be the level of 0.7994 (23.6 Fibo level) in the H1 chart. However, if the pair manages to consolidate above the 0.8022 level, it’s expected to rise to the level of 0.8033, which coincides with the 500 EMA and this movement could invalidate our bearish outlook.
Trading recommendations: Place sell orders at current levels, with stop loss at 0.8027 and take profit at 0.7982. Also, you can place buy orders only if the EUR/GBP does a breakout at the resistance level of 0.8033, with take profit at 0.8065.
Chart. Daily EUR/GBP