Morning report


The EURGBP protected by 50% retracement as we previously discussed .It is further evidence of a short term bullishness added to the bullish harmonic AB=CD pattern .In case that, areas of 0.8820 - potential short termsupport- fails to hold, we may reconsider our suggested count. Therefore retain our potential bullish scenario over the intraday basis.

The trading range is among the key support at 0.8790 and key resistance now at 0.9205.

The general trend is to the upside as far as 0.8020 area remains intact with targets at 1.0000 followed by 1.0400 levels.

RecommendationBased on the charts and explanations above our opinion is, buying the pair from 0.8980 targeting 0.9070 and stop loss below 0.8905 might be appropriate.