Morning Report

eurgbp

The pair is near closing the price gap that was set with the start of the week; however, if the gap is covered it will end the bearish trend and the pair then will have completed the overall bullish direction. Due to the pair near to covering the gap 0.8760, we will be neutral today to study the pair's movement when it reaches that level. The proposed wave count suggests that the pair has started gathering bullish momentum, while the second bearish wave is almost over.

The trading range for today is expected between the key support at 0.8700 and the key resistance at 0.9000.

The short term trend is to the upside as far as 0.8400 remains intact with targets at 0.9720.

Previous ReportWeekly Report

Support0.87800.87600.87200.87000.8665
Resistance0.88100.88650.89050.89350.8960
RecommendationBased on the charts and explanations above our opinion is to remain neutral awaiting more confirmations to define the coming direction