On the trading chart, a corrective movement can be observed as the pair once again converging with the value of 0.7870 that formed a stagnation. As of now, it can be seen the quotation falling into the trap of a cluster of Fibo levels fastening in a narrow range. The bulls are assumed to take advantage of this temporary support in order to return to the market which restores the movement and return to the levels of 0.7945 / 0.7990.

However, the traders should monitor short positions.

Key Levels

The resistance is 0.8000 (+/- 50p);

Support - 0.7870 (+/- 10p): 0.7700;

Signals

- It is recommended to buy the pair higher than the level of 0.8900, with the prospect of moving towards 0.7945 / 0.7990.

- It is recommended to sell the pair lower than the 0.7850 with the prospect of a moving towards 0.7780 / 0.7700.

Draw your attention: Predictions are not a direct guide to action!

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