EUR/GBP is tarding within a very narrow range between 0.8706 - 0.8737. We see a clear loss of downside momentum, but to indicate a bottom being in place, we need a break above minor resistance at 0.8737 and more importantly a break above resistance at 0.8769 that will lead to a new impulsive rally above 0.9499.
Only an unexpected break below 0.8675 will change the 0.8621 target but this seems unlikely.
R3: 0.8863
R2: 0.8769
R1: 0.8737
Pivot: 0.8724
S1: 0.8709
S2: 0.8675
S3: 0.8621
Trading recommendation:
We are long EUR from 0.8765 with our stop placed at 0.8670
The material has been provided by InstaForex Company - www.instaforex.com