Tickmill
Long

EURGBP approaching support, potential bounce!

FX:EURGBP   Euro / British Pound
EURGBP             is approaching our first support at 0.8724 (horizontal swing low support, 100% Fibonacci extension , 76.4% Fibonacci retracement ) and a strong bounce might occur above this level pushing price up to our major resistance at 0.8855 (horizontal pullback resistance, 50%, 38.2% Fibonacci retracement , 100% Fibonacci extension ).
Stochastic (89,5,3) is also approaching support and we might see a corresponding rise in price should it bounce off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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This analysis is provided as general market commentary and does not constitute investment advice.
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