EUR/GBP: Trade ideas for Sep.12
The EURGBP fell from the resistance level of 0.8065 and now, this pair is trying to consolidate under the 500 EMA on the H1 chart. This pair could be forming a lower low pattern, so the EURGBP would be trying to make a breakout at the support level of 0.7947. If it succeeds, would be expected to fall to the level of 0.7882.
However, this pair may be a retracement to the resistance level of 0.8006, where is located the 50.0 Fibo retracement level, although this pair could return to again consolidate in the bullish trend. The RSI indicator remains in negative territory.
Trading recommendations: Place sell orders if the EURGBP does a breakout at the support level of 0.7947, with take profit at 0.7888.