Morning Report

eurgbp21

After touching 0.8790 level, the pair rallied to prove the reliability of the (0-5) pattern although the correction of CD leg is not ideal. And now, with stability above 0.8835 level, more upside movement is anticipated, mentioning that the targets of this pattern extend to levels above Point C, in this case to levels above 0.8976.

Trading range for the day is among the major support at 0.8750 and the major resistance at 0.9000.

The short term trend is to the downside as long as 0.8965 holds targeting 0.7780.

Previous Report

Weekly Report

Support0.88200.88000.87950.87300.8700
Resistance0.88700.89000.89650.90000.9040
RecommendationBased on the charts and explanations above our opinion is buying the pair around 0.8820 targeting 0.9040 and stop loss below 0.8730 may be appropriate for today.