EURGBP Looks Set For A Break  


The Euro is trading with a bullish bias above 0.8770 against the British Pound. There is a crucial support forming above 0.8770 and at the same time, there is a major resistance near 0.8800.

Looking at the hourly chart, there are two contracting triangle patterns forming with support at 0.8770 and 0.8750. On the upside, one of the triangle resistances is also near the 100 SMA.

There is a chance of a minor dip in EURGBP to fill buy orders between 0.8770-0.8750. Once a correction is complete, the pair is likely to break 0.8800 for further gains in the near term.

Leave a Reply