Morning Report

eurgbp24

The decline yesterday is expected, however the pair started gathering positive momentum after touching 0.8865 , this move indicates the we can rely on the 0-5 pattern although its not ideal, stochastic tends to move steadily to the upside , while ADX is hinting a big slowdown in the upside move that happened yesterday. Therefore we expect an upside move for today and the move will be confirmed and even accelerated if the pair stabilizes above 0.8965

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
Resistance0.89350.89650.90000.90400.9085
RecommendationBased on the charts and explanations above our opinion is buying the pair around 0.8900 targeting 0.9040 and stop loss below 0.8820 may be appropriate for today.