empty
 
 
20.10.2020 11:36 AM
EUR/GBP Potential For Reversal Up

EUR/GBP has rebounded from a strong support area and now is challenging a dynamic resistance. A breakout through 0.9100 and a new higher high could validate further growth.

The pair could jump higher after the German PPI data come in better than expected. EUR/GBP has been trading sideways, so we have to wait for a fresh trading opportunity before taking action.

  • EUR/GBP Downside Seems Over!

This image is no longer relevant

EUR/GBP has found strong support on the 0.9025 level and now is pressuring the downtrend line. The pair has turned to the upside again after several false breakdowns below the median line (ML) of the major descending pitchfork.

Yesterday's bullish engulfing and the aggressive breakout above the Pivot Point (0.9064) suggest that EUR/GBP could develop an important upwards movement.

  • EUR/GBP Trading Tips

Buy EUR/GBP after a bullish closure above the R1 (0.9121) level and use the R3 (0.9236) as an upside target. The upper median line (UML) could attract the price after the rejection from the median line (ML).

The bullish scenario could be invalidated if the pair stays under the downtrend line. If you want to see EUR/GBP, you should wait for a valid breakdown below the S1 (0.9007) level.

Ralph Shedler,
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
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 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.
    JOIN CONTEST
  • 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.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

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