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EUR/GBP Technical Analysis & Daily Chart

Published on: 10/01/2017

General Analysis
On Monday January 9 the EUR/GBP currency pair continued its growth by forming a big rising candle by 100 points. Additionally, according to the results of yesterday's session the resistance level 0.8700 has been broken. The price was able to pass this mark and consolidate above the resistance level.

We are not expecting major news from the Eurozone today, so the news background will be unusually quiet.

The graph of the Stochastic indicator shows a clear upward trend.

The Next Few Days

Breaking the resistance level 0.8700 and fixing the prices above indicates a potential buy for the EUR/GBP.
However, given the propensity of this currency pair to form false breakouts and the mixed signals from the indicator we can conclude that the opening of sell positions should be made only after receiving a confirmation of the breakdown and fixing of the price above the resistance level at least by two candles.

The immediate goal is to capture profits above 0.8700 will be the level 0.8900.


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