Morning Report


In line with what we discussed in yesterday's midday report; the royal pair has been resisted around 0.8740 zones that have forced it to pullback, forming bearish candlesticks formations on the hourly and four-hour intervals. Therefore, we think that the intraday outlook is bearish as far as 0.8820 zones remain intact.

The trading range for today is among the key support at 0.8490 and key resistance now at 0.8860.

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.

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RecommendationBased on the charts and explanations above our opinion is, selling the pair from 0.8725 targeting 0.8610 and stop loss above 0.8815 might be appropriate.