EURGBP holds bullish outlook

Discussion in 'Technical Analysis' started by FXStreet_Team, Mar 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The bullish outlook for EURGBP is in tact as the pair remains above the key 0.7500 level. After the formation of a double bottom trend reversal pattern, the market rose to the highest level in over 15 months around the 0.7930 area. The scope for more upside is supported by the fact that prices have crossed above the 50% long term Fibonacci retracement level (0.7870) of the downleg from 0.8813 to 0.6935 (February 2013 to July 2015 decline). The next target would be the 61.8 Fibonacci at 0.8093.

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