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EUR/GBP Technical Analysis & Daily Chart


Published on: 07/03/2017



General Analysis

During the last eight trading days the EUR/GBP currency pair has shown a clear growth absolutely without any correction. The growth value was about 280 points. At the moment, the price has closely approached the resistance at around 0.8700 and the best solution is to take the current profit on long positions.
Further upwards movement is quite possible but you should receive a confirmation of the breakdown of the resistance level of 0.8700 before continuing to play long.

Over the past six months the price has repeatedly demonstrated a retreat from this level and we can confidently expect a certain reaction in the movement of the price as it approaches this level again.

Most likely we would see a retreat from this mark as it also coincides a with the Fibonacci correction level of 61.8 percent of the last downward movement. When receiving a confirmation of the release or level breakdown, we should play in the same direction. The target profit-fixing points for the EUR/GBP on a downward path are 0.8550 and 0.8470.


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