FX.co ★ EURGBP seeing strong channel support, potential for a bounce

EURGBP is seeing strong support at the 0.8517 area where there's horizontal overlap support, channel support and an Ichimoku cloud support. It is also lining up really nicely with a couple of Fibonacci retracements. Price could potentially bounce from here to make a nice push up towards 0.8531 area.

Trading Recommendation

Entry: 0.8517

Reason for Entry:

Ascending trend line / channel, Ichimoku bullish momentum, overlap support, Fibonacci confluence

Take Profit: 1756

Reason for Take Profit:

Recent swing high resistance

Stop Loss: 1.89148

Reason for Stop Loss:

50% Fibonacci retracement