EUR/GBP: Trade ideas for August 14
The EURGBP has found resistance at the level of 0.8018, where now this pair is starting to form a bullish pattern, so it is likely that the EURGBP starts a retracement to the support level of 0.7980, where is located the 38.2 Fibo level.
However, it is very likely that this pair make a rebound at that support level and rise up to the resistance level of 0.8051 in short term. On the other hand, if the EURGBP takes a break out in the support level of 0.7957, it would be expected to fall to the level of 0.7919, which is below the 500 EMA. CCI indicator remains below the 100 level and without showing divergences.
Trading recommendations: Place buy orders when the EURGBP does a breakout at the resistance level of 0.8018, with take profit at 0.8051.