EURGBP's New Uptrend
This similarity in the underlying economic conditions in Britain and the Eurozone as a whole is likely to foster some interesting trading set-ups on the EURGBP pair in the near future. The euro gained significant ground against the pound last week in the wake of ECB's January policy meeting.
The upswing is currently drawing near the 61.8 per cent Fibonacci retracement level at 0.84804, which is where a minor bearish pullback could emerge. Such a correction could fall to the major resistance-turned-support area (in red), underpinned by the 300-day MA (in purple) and 38.2 per cent Fibonacci at 0.84060.
Even still, the underlying sentiment looks ostensibly bullish.
The upswing is currently drawing near the 61.8 per cent Fibonacci retracement level at 0.84804, which is where a minor bearish pullback could emerge. Such a correction could fall to the major resistance-turned-support area (in red), underpinned by the 300-day MA (in purple) and 38.2 per cent Fibonacci at 0.84060.
Even still, the underlying sentiment looks ostensibly bullish.
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