Weekly Report

eurgbp12

The pair is stable below EMA 50, accompanied with the negative crossover seen on Stochastic. RSI is still stable below the 50-point level. But as the same time, the pair is above the ascending main support of the ascending minor channel at 0.8320. A breach of the mentioned level could support the downside movement to extend this week, where breaching this level could transform the channel into a bearish continuation structure.

The trading range for this week is among the major support at 0.8100 and the major resistance at 0.8550.

The short-term trend is to the upside as far as 0.8170 remains intact, targeting 1.0370.

Previous Report

Support0.83200.82950.82550.82000.8170
Resistance0.83850.84400.85000.85500.8605
RecommendationBased on the chart and explanations above, our opinion is selling the pair with 4-hour closing 0.8320, targeting 0.8170 and stop loss above 0.8385 might be appropriate.