FX.co ★ EURGBP facing bullish pressure, potential for more upside!

Price is reacting above the descending trendline resistance (now support). Price could potentially bullish from 1st support at 0.84528 in line with 38,2% Fibonacci retracement and 23.6% Fibonacci extension to 1st resistance at 0.84958 in line with 61.8 Fibonacci retracement and 61.8% Fibonacci extension. Our bullish bias is further supported by how Price is holding above the EMA. Otherwise price may bearish towards 2nd support at 0.84215 in line with Horizontal swing low and 50% Fibonacci extension.

Trading Recommendation

Entry: 0.84528

Reason for Entry:

38,2% Fibonacci retracement and 23.6% Fibonacci extension

Take Profit: 0.84958

Reason for Take Profit:

61.8 Fibonacci retracement and 61.8% Fibonacci extension

Stop Loss: 0.84215

Reason for Stop Loss:

Horizontal swing low and 50% Fibonacci extension