Hi Everyone!
Here is a higher timeframe overview of the EURGBP. As you can see we are at a Key level of support at the 2019/2020 lows, and the bottom of a ranging market since October 2016. You would also notice the Strong RSI Divergence as well, this does not mean it would definitely start going up. When there is momentum in the market it could take time to swing into a uptrend, we need valid setups to confirm a reversal. Its best not to try and catch a faling knife.
At the moment we will have to wait and see what the market will do at this level, if it finds support as before we can expect a nice rally to 0.87 zone over the next couple of months, if the support zone fails we could expect a further correction to the 0.81400 - 0.81300 area.
We would be happy to hear your thoughts on the pair.
Happy Trading!
Here is a higher timeframe overview of the EURGBP. As you can see we are at a Key level of support at the 2019/2020 lows, and the bottom of a ranging market since October 2016. You would also notice the Strong RSI Divergence as well, this does not mean it would definitely start going up. When there is momentum in the market it could take time to swing into a uptrend, we need valid setups to confirm a reversal. Its best not to try and catch a faling knife.
At the moment we will have to wait and see what the market will do at this level, if it finds support as before we can expect a nice rally to 0.87 zone over the next couple of months, if the support zone fails we could expect a further correction to the 0.81400 - 0.81300 area.
We would be happy to hear your thoughts on the pair.
Happy Trading!