1. Exness News
  2. Market Analysis
  3. EURGBP Approaching Its Reversal, Prepare For A Reversal
Market Analysis

EURGBP Approaching Its Reversal, Prepare For A Reversal

June 01, 2018
BY Emma Richards

EURGBP is approaching its resistance where we look to sell on strength.

Sell below 0.8797. Stop loss at 0.8837. Take profit at 0.8694.

Reason for the trading strategy (technically):

We see price approaching its resistance at 0.8797 (61.8% Fibonacci extension, 100% Fibonacci extension, 50% Fibonacci retracement) where we look to sell on strength. We expect to see a reversal, pushing price down to its support at 0.8694 (61.8% Fibonacci extension, horizontal swing low support).
Stochastic (89, 5, 3) is approaching its resistance at 98% where we expect to see a reversal.

Put your trading knowledge into action. Create a trading account now.


forex market analysis

Disclaimer: The publication of Analytics is a marketing communication and does not constitute investment advice or research. Its content represents the general views of our experts and does not consider individual readers’ personal circumstances, investment experience, or current financial situation. The Analytics is not prepared in accordance with legal requirements promoting independent investment research, and Exness is not subject to any prohibition on dealing before the release of the Analytics. Readers should consider the possibility that they may incur losses. Therefore, Exness is not liable for any losses incurred due to the use of its Analytics.

alternate text for image
Confident in your trading skills? Open an account and start trading with Exness