EUR/GBP: trade idea for Oct. 1
The upward reaction of EUR/GBP at 0.7766 was quite significant. This pair is finding resistance at the 38.2 Fibonacci level at 0.7790, so there is still the possibility that the EUR/GBP resume downward bias in the short or medium term.
However, it is important to note that if the pair breaks above the 0.7805 level, our bearish scenario will be completely useless, and EUR/GBP will rise towards resistance at 0.7828, which is close to the 200-period MA (green line) on H1. The RSI remains in negative territory.
Trading Recommendations: put sell orders (sell) if the EUR/GBP makes a pullback at current levels, with take profit at the 0.7766 support.