JFD_Research
Short

EURGBP - Daily - EURGBP is not feeling well

FX_IDC:EURGBP   Euro / British Pound
Trade Alert

After breaking its short-term upside trendline , EURGBP continues to travel south, in search of the next good area of support. Recently, the pair found support near the 0.8875 level, a break of which could set the stage for a test of the 0.8855 hurdle, marked by the low of the 2nd of August. If that hurdle is not able to withhold the pressure from the bears, this could lead to further declines, we could start aiming for a possible test of the upside support line, taken from the low of the 18th of April 2017.

On the upside, for us to start examining higher levels again, we would need to see a break and a close above the downside resistance line, taken from the peak of the 29th of August. Also, a close above the 0.8935 area could invite more bulls to the table and we could see them lifting EURGBP towards the 0.9020 level, marked by the high of the 6th of September.

Always have your SL in place.
How far up shall we go ?
Reply
@Jour, If it wouldn't have been for Friday's Theresa's statement, it could have continued moving lower, as our TA suggested. But because now the pair is at a very tricky spot, we will hold on. If it breaks last weeks high, our next potential resistance target could be near 0.9020, or even the 0.9055.

But if the pair suddenly gets back below the downside resistance line, which it broke on Friday, then we will resume the initial analysis.
Reply
Jour JFD_Research
@JFD_Research,

Agree about tricky point. I would partly close for now and open next week again. Probably long. We'll see :) .

BR
Reply
short to mid-term, then down
Reply
Up, :-)
Reply
@Jour, up short-term or long-term? =)
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