Morning Report

eurgbp28

Following yesterday's decline, the pair stabilized above the SMA 20 and attempted again to breach the resistance of X point suggested in the harmonic pattern. Therefore, we see the likelihood for the bullish wave to continue towards D1 resembling 127% of XA leg at 0.8740-45.

The trading range for today is among the key support at 0.8330 and key resistance now at 0.8565.

The general trend over short term basis is to the downside targeting 0.7780 as far as areas of0.8965remain intact.

Support0.85900.85650.85100.84900.8445
Resistance0.86650.87000.87200.87400.8790
RecommendationBased on the charts and explanations above, our opinion is buying the pair around 0.8630 targeting 0.8740 and stop loss below 0.8570 might be appropriate