EURGBP broke the Trendline from Brexit and is currently testing first support (38.2% Fib). Major support comes in from 0.84 to 0.83. A bounce from these levels could set up a continuation of the uptrend but keep in mind that these are critical levels and getting through them could set up a mid-term bear market
Comment:
Managed to get through first support. A close below could see the move extending to critical support (Green Rectangle)
Comment:
Could see a flush above above 0.8627. If we close above previous highs buyers in control and could move higher
Comment:
No close above yesterdays high although we did go through the high on a stop run and sellers stepped in immediately.
Comment:
Support held and now a close above previous highs should target 0.8710-0.8720 area where first resistance comes in
Comment:
Another swing failure. We really should be heading towards 0.84-0.83 area now if we get a bearish close
Comment:
First Fib is proving very resilient. This area needs to clear out if we are to see any direction
Comment:
Closing in on last weeks low at 0.8460. Though here we should see it moving towards area of support (green rectangle)
Comment:
Entering area of major support (clusters of highs and lows & 50% Fib since Brexit)
Trade active:
Bounced off support on volume
Comment:
Pair still in major support zone. If it gets through and closes the next area of support is 0.82 (61.8% Fib).
