EUR/GBP: trade idea for Sep. 24

    By Felipe Erazo

EUR/GBP is finding resistance at 0.7886 on the hourly chart (38.2% Fibonacci retracement), so it’s very likely that this pair reverse to the downtrend in the coming hours. But we must bear in mind that EUR/GBP could extend up to the level of 0.7909 (200 SMA).

If the EUR/GBP makes a break of that level, the next target would be the resistance at 0.7933 (61.8% Fibo retracement and the 500-hour MA). However, the bears will likely make a pullback at these levels and try to fall again to the support offered by the level of 0.7809. A fix below that point will open the way to 0.7750. The RSI is in negative territory.

Trading recommendations: put sell orders if EUR/GBP makes a break in the support at 0.7809 with take profit at 0.7750.

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