EUR/GBP: Trade ideas for August 04
The EURGBP has consolidated in the bullish trend during the last session, as this pair had a bullish rebound above 500 EMA, and then find resistance at the 0.7984 level. Now, the EURGBP is overbought, so it is very likely that this pair start to make a bearish retracement.
If this pair takes a pullback at current levels, the next target would be the support level of 0.7944, which coincides with the 50.0 Fibo level, where the EURGBP could find support to resume the bullish trend. On the other hand, if this pair makes a breakout at the level of 0.7984, next target would be above the psychological level of 0.8000. The CCI indicator is pointing downwards and is not showing divergence.
Trading recommendations: Wait for a retracement until the 50.0 Fibo level (0.7944) for place buy/long orders or a breakout at the resistance level of 0.7984.