Morning Report

eurgbp04

The pair is now trading below the set target around 0.8460 and above the main harmonic support. Stochastic is oversold which might restrict the downside move; therefore, breaching the harmonic support might support the bearishness towards 76.4% correction of CD and maybe extend towards 88.6% and point C. Hence, breaching areas of 0.8435 might extend the decline towards 0.8410 and 0.8370 and perhaps areas of 0.8330.

The trading range for today is among the key support at 0.8290 and key resistance now at 0.8635.

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

Support0.84350.84100.83700.83300.8290
Resistance0.84600.84900.85000.85400.8590
RecommendationBased on the charts and explanations above, our opinion is selling the pair with the breach of 0.8435 targeting 0.8330 and stop loss with four-hour closing above 0.8460 might be appropriate today