EUR/GBP Consolidates Losses
EUR/GBP is now consolidating losses above the 0.8825 support.
Important Takeaways for EUR/GBP
· EUR/GBP started a downside correction from the 0.8860 resistance zone.
· There is a major bullish trend line forming with support near 0.8825 on the hourly chart at FXOpen.
EUR/GBP Technical Analysis
On the hourly chart of EUR/GBP at FXOpen, the pair started a decent increase above the 0.8825 resistance. The Euro climbed higher toward the 0.8860 resistance against the British Pound.
It traded as high as 0.8861 and recently started a downside correction. There was a move below the 23.6% Fib retracement level of the upward move from the 0.8791 swing low to the 0.8861 high.
It is now consolidating losses, with immediate support near the 50% Fib retracement level of the upward move from the 0.8791 swing low to the 0.8861 high at 0.8826. There is also a major bullish trend line forming with support near 0.8825.
The next major support is near 0.8810. A downside break below the 0.8810 support might call for more downsides. In the stated case, the pair could decline toward the 0.8795 support level. Any more losses could open the doors for a move to 0.8720.
Conversely, the bulls could remain active above the 0.8825 support. Immediate resistance is near the 0.8845 level. The next major resistance for the bulls is near the 0.8860 level.
A close above the 0.8860 level might accelerate gains. In the stated case, the bulls may perhaps aim for a test of 0.8900. Any more gains might send the pair toward the 0.8920 level.
This forecast represents FXOpen Companies’ opinion only, it should not be construed as an offer, invitation, or recommendation with respect to FXOpen Companies’ products and services or as financial advice.
Important Takeaways for EUR/GBP
· EUR/GBP started a downside correction from the 0.8860 resistance zone.
· There is a major bullish trend line forming with support near 0.8825 on the hourly chart at FXOpen.
EUR/GBP Technical Analysis
On the hourly chart of EUR/GBP at FXOpen, the pair started a decent increase above the 0.8825 resistance. The Euro climbed higher toward the 0.8860 resistance against the British Pound.
It traded as high as 0.8861 and recently started a downside correction. There was a move below the 23.6% Fib retracement level of the upward move from the 0.8791 swing low to the 0.8861 high.
It is now consolidating losses, with immediate support near the 50% Fib retracement level of the upward move from the 0.8791 swing low to the 0.8861 high at 0.8826. There is also a major bullish trend line forming with support near 0.8825.
The next major support is near 0.8810. A downside break below the 0.8810 support might call for more downsides. In the stated case, the pair could decline toward the 0.8795 support level. Any more losses could open the doors for a move to 0.8720.
Conversely, the bulls could remain active above the 0.8825 support. Immediate resistance is near the 0.8845 level. The next major resistance for the bulls is near the 0.8860 level.
A close above the 0.8860 level might accelerate gains. In the stated case, the bulls may perhaps aim for a test of 0.8900. Any more gains might send the pair toward the 0.8920 level.
This forecast represents FXOpen Companies’ opinion only, it should not be construed as an offer, invitation, or recommendation with respect to FXOpen Companies’ products and services or as financial advice.
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