EURGBP Buyers to return close to the previous swing low of 0.852
EURGBP - Weekly Outlook
Buying Dips in front of 0.8525 (stop at 0.8485)
The strong sell off has resulted in the cross trading to the lowest level in 59 days. Although yesterday's price action broke the sequence of seven negative daily performances, the recovery was mild. Signals for sentiment are now at oversold extremes. With the 88.6% pullback level located at the previous swing low of 0.8524, we look to this as the prime zone to get long.
Our profit target is 0.8637 and 0.8650
Resistance: 0.8637 / 0.8707 / 0.8766
Support: 0.8556 / 0.8524 / 0.8493
Buying Dips in front of 0.8525 (stop at 0.8485)
The strong sell off has resulted in the cross trading to the lowest level in 59 days. Although yesterday's price action broke the sequence of seven negative daily performances, the recovery was mild. Signals for sentiment are now at oversold extremes. With the 88.6% pullback level located at the previous swing low of 0.8524, we look to this as the prime zone to get long.
Our profit target is 0.8637 and 0.8650
Resistance: 0.8637 / 0.8707 / 0.8766
Support: 0.8556 / 0.8524 / 0.8493
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