EUR/GBP: Trade ideas for July 21
The EURGBP has remained very strong in the current bearish trend and solid as we can see on the H4 chart, this pair has found support at the 0.7888 level. The EURGBP is trying to consolidate above the 23.6 Fibo level to go up to the resistance level of 0.7961, where is located 50.0 Fibo level.
Probably, this pair makes a deeper retracement to the 0.8002 level, where is located the 200 SMA. If the EURGBP manages to make a breakout at that level, the next target would be the resistance level of 0.8033. On the other hand, this pair could extend the bearish trend if makes a breakout in the support level of 0.7888.
Trading recommendations: Place sell orders only if the EURGBP does a breakout at the support level of 0.7888, with take profit at the 0.7845 level. Also, place buy orders when this pair does a breakout at the resistance level of 0.8002, with take profit at 0.8033.