Since our last update on the EURGBP price action , the pair has been consolidating. For more than 5 weeks, according to price action we’ve seen no major movement from the pair. We have seen price range in between level 0.86322 (Support level) and level 0.88509 (Resistance level).Price has been moving within theses reference points for sometime now. On our previous post for this trade https://fxsits.com/eurgbp-falling-wedge-formation/.
Level 0.86322 acted as a support on the 5th of May. The pair moved into a bullish market and broke past it.We now see that Level 0.88509 acts as a resistance level, thus keeping the pair in a range.This has been so for 5 weeks now.
Our analyst at Fxsits believe the pair could break in the up coming weeks, or months. However, we will be updating on specific entries on our VIP member forums. These 2 levels acting as either as support or resistance, could break in either direction.Now we wait to see, whether the pair will gain a volatility break either levels of which its broken towards.
Our stand on the EURGBP price action bullish continuation is as follows:The daily chart above, shows a very strong Support at the level 0.86808.This happened for about 3 weeks and it is still holding. In addition price has formed a higher low, after it reached level 0.94988 on may 19th. It has retraced back to level 0.86808 on the daily time frame. Thus signaling a strong a strong support at the level 0.86808.
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