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Market Analysis

EURGBP Broke Out Of Its Descending Line

June 01, 2018
BY Emma Richards

EURGBP broke out of its descending resistance-turned-support line. We expect to see a further rise.

Buy above 0.8694. Stop loss at 0.8661. Take profit at 0.8782.

Reason for the trading strategy (technically):

EURGBP broke out of its descending resistance-turned-support line where we look to buy on weakness at 0.8694 (multiple swing low support). We expect prices to push up all the way to its resistance at 0.8782 (38.2% Fibonacci retracement, horizontal swing high resistance).
RSI (89) has a corresponding breakout from its descending line which contributes to our bullish bias.

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