EUR/GBP: Trade ideas for Sep. 2
The EURGBP has been moved in range in the last hours, finding support above the 0.7891 level, which increases the probability that this pair make a retracement to the resistance level of 0.7924 in the H1 chart. Now, the EURGBP would be conducting a bearish consolidation below the 200 EMA.
If this pair make a breakout to the resistance level of 0.7932, it’s expected that it rises to the level of 0.7958, which could endanger the current bearish trend in this chart. On the other hand, if EURGBP succeeds in making a breakout at the support level of 0.7891, the next goal would be the level of 0.7858, where is located the 100.0 Fibo extension level. The RSI indicator remains in negative territory
Trading recommendations: Put sell orders if the EURGBP does a breakout at the support level of 0.7891, with take profit at 0.7858.