The price may rise to 0.7150-0.7195.

At the four-hour chart, the pair EUR/GBP is trading near 23.6% correction at 0.7100, which is a key level. The breakdown of this level can push the price towards 0.7010. Strong consolidation above 0.7100 would allow the price to rise further towards 0.7150 (38.2% correction) and 0.7195 (50.0% correction). The price is most likely to reverse at 0.7150-0.7195 due to 23.6% Fibonacci for the medium-term trend standing at 0.7170. Moreover, the price may cross 38.2% arc which would lead to the downward movement. On the daily chart the price bounced off the important support level 0.7010 and is rising towards 23.6% correction for the medium-term trend at 0.7170, which confirms the upward movement in the nearest future.

Trading tips

Buy the pair from the current price with targets at 0.7150-0.7195. Set stop-loss at 30 points below the entry point.

Alternative scenario

The breakdown of 0.7100 would lead to the downward movement towards 0.7010. In this case, stop-loss should be set at 0.7130

EUR/GBP: Fibonacci levels analysis

EUR/GBP: Fibonacci levels analysis




The material published on this page is produced by LiteForex and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.



!-- Go to www.addthis.com/dashboard to customize your tools -->