23.03.2021 03:13 PM
EUR/GBP Could Give Birth To An Uptrend!

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EUR/GBP decreased again in the short term but its failure to reach and retest the major downtrend line signals that the price could still register an important growth in the coming period.

The upside reversal was signaled by the price's breakout above the downtrend line. The rate has decreased along this line and now it seems determined to turn to the upside. Jumping and stabilizing above 0.8639 former high is seen as a buying opportunity.

Registering a new higher high announces that EUR/GBP could develop an uptrend after ending its downtrend.

Trading Conclusion!

Jumping above 0.8639 and reaching 0.8650 could represent a buying signal. 0.87, 0.88, and 0.89 could be used as upside targets.

Ralph Shedler,
Analytical expert of InstaForex
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