EURGBP could rebound from Fibonacci support
EURGBP rose sharply from 3rd September to 11th September after making a low of 0.8864 to rise sharply to touch 0.9292. Post hitting this level the currency has been drifting lower, trading below the 20-day SMA. Currently the pair is rising after taking support at the 78.6% Fibonacci support of the rise seen from 3rd September to 11th September, RSI is also rising corroborating the above observation. It would be safe to say that EURGBP could rise further towards 0.9040 & 0.9080 while it sustains above 0.8940
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Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.