EUR/GBP: trade recommendation
By Felipe Erazo
The EURGBP has finally found support at the 0.7914 level and from that level, this pair has made a retracement towards the resistance level of 0.7957, which is located 38.2 Fibo level at the H4 chart. Now, the EURGBP is trying to form a lower high pattern to climb to the level of 0.7984.
If the pair manages to make a breakout in the 61.8 Fibo level (0.7984), the next target would be the 0.8003 level, which would be a strong bullish consolidation and EURGBP could go up to where the 200 SMA is located. Moreover if the EURGBP takes a pullback at current levels, it would be expected to fall to the level of 0.7914. CCI indicator is below the level 100.
Trade recommendations: Place sell orders when the EURGBP performs a pullback at the 61.8 Fibo level (0.7984), with take profit at 0.7914.
Chart. H4 EUR/GBP