28.11.2022 03:51 PM
EUR/GBP Technical Analysis and Trading Tips for November 28, 2022

This image is no longer relevant

The EUR/GBP pair rose sharply today at the beginning of the European session, reaching an intraday high of 0.8675 amid a sharp strengthening of the euro.

The price rebounded from the key long-term support level at 0.8585 (200 EMA on the daily chart) and rushed towards the important resistance level at 0.8680 (50 EMA on the daily chart) and strong resistance at 0.8690 (200 EMA on the 4-hour chart).

This image is no longer relevant

Near these levels, we expect a rebound. The signal for the resumption of short positions will be a breakdown of the important short-term support level 0.8653 (200 EMA on the 1-hour chart).

In this case, the price will again head towards key support levels 0.8620 (200 EMA, 144 EMA on the weekly chart), 0.8585 (200 EMA on the daily chart, 50 EMA on the weekly chart).

This image is no longer relevant

Their breakdown may provoke a deeper decline and return of EUR/GBP to a long-term bear market zone.

Alternatively, the price will break through the resistance level of 0.8690 and after the breakdown of the local resistance level 0.8720, it will move towards the local resistance level of 0.8825.

Support levels: 0.8653, 0.8620, 0.8585

Resistance levels: 0.8680, 0.8690, 0.8720, 0.8825

Trading Tips

Sell Stop 0.8650. Stop-Loss 0.8710. Take-Profit 0.8620, 0.8600, 0.8585

Buy Stop 0.8710. Stop-Loss 0.8650. Take-Profit 0.8720, 0.8800, 0.8825

Jurij Tolin,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex always strives to help you
    fulfill your biggest dreams.
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
  • 30% Bonus
    Receive a 30% bonus every time you top up your account

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback