EUR/GBP Continues Trading in the Range
In short-term EUR/GBP remains neutral at this point. Another decline is mildly in favor as long as 0.8676 resistance holds. Break of 0.8521 will target 100% projection of 0.9324 to 0.8786 from 0.9019 at 0.8481, which is close to 0.8472 key support.
Considering diminishing downside momentum as seen in daily MACD, we’d expect strong support from there to bring rebound. On the upside, break of 0.8676 resistance will indicate short term bottoming and bring stronger rebound back to 0.8786/9019 resistance zone first.
From long-term point of view, only a clear break of 0.9324 would confirm bullish trend resumption. Otherwise, risk will stay on the downside even in case of strong rebound.
Considering diminishing downside momentum as seen in daily MACD, we’d expect strong support from there to bring rebound. On the upside, break of 0.8676 resistance will indicate short term bottoming and bring stronger rebound back to 0.8786/9019 resistance zone first.
From long-term point of view, only a clear break of 0.9324 would confirm bullish trend resumption. Otherwise, risk will stay on the downside even in case of strong rebound.
Trade closed: target reached:
Today the key support 0.8472 was tested and we have now to see if it will be broken downside
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