EUR/GBP: Trade ideas for August 18
As we can see in the H1 chart, the EURGBP is forming a bullish pattern below the resistance level of 0.8035, due to that this pair has been moving in range in the last sessions, once the EURGBP has made a strong rebound on the 500 EMA.
However, the EURGBP could performed a retracement to the 50.0 Fibo level (0.7977). At that level, the EURGBP could make a rebound and strengthen the bullish trend in the medium term, since the 200 EMA is near to that fibo retracement level. The CCI indicator is very close to the area of the 100 level.
Trading recommendations: Place buy orders if the EURGBP does a rebound at the support level of 0.7977, with take profit at 0.8035.