Morning Report

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Affected by our yesterday's captured cup with handle pattern, the royal pair soared towards the resistance areas of 0.8910-0.8915 as seen on the four hour chart. Now, RSI 14 needs to be relieved and thereby, the previous broken resistance areas around 0.8850 might be retested before resuming the harmonic upside rally of the bullish harmonic 5-0 pattern, targeting 361.8% Fibonacci projection of its CD leg at 0.8950-0.8965 areas. The EUR/GBP classical report reveals the medium termoverview.

The trading range for today is among the key support at 0.8780 and key resistance now at 0.9070.

The general trend over short term basis is to the downside, targeting 0.7780 as far as areas of 0.8965 remain intact.

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EUR/GBP Classical

Support0.88750.88500.88200.87800.8730
Resistance0.89100.89650.90000.90300.9070
RecommendationBased on the charts and explanations above our opinion is, buying the pair around 0.8850 targeting 0.8965 and stop loss below 0.8770 might be appropriate.