Morning Report

eurgbp23

The effect of the bullish 0-5 pattern on the pair continues, this pattern is known for achieving targets above point C , however , stochastic is showing negative signs which may result in some downside correction , but in general, the upside movement is still likely. ADX is supporting the continuation of the ascending channel.

Trading range for the day is among the major support at 0.8750 and the major resistance at 0.9040.

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

Previous Report

Weekly Report

Support0.89000.88650.88200.88000.8750
Resistance0.89350.89650.90000.90400.9185
RecommendationBased on the charts and explanations above our opinion is buying the pair around 0.8865 targeting 0.9040 and stop loss below 0.8750 may be appropriate for today.