Continued bullish outlook for EURGBP
The USD index gapped higher again overnight (95.68 Friday's close) and, although we have stalled close to the previous swing high at 96.70, there is no clear indication that the rally is faltering.
Any dips are likely to be met with buyers. The medium term focus remains on 102.00 (current price 96.29).
Although this formation is much stronger at the base of a trend, it does highlight a positive bias. Trend line support is now located at 0.8130.
EURGBP yearly chart
The 261.8% extension level is located at 0.8400 (from 0.6929-0.7491). We have gapped higher overnight (0.8100 Fridays close).
EURGBP quarterly chart
EURGBP daily chart
Management and risk description
Entry: Buying at 0.7990
Time horizon: This week
— Edited by Adam Courtenay
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