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Forex technical analysis: EURGBP surges after BOE stimulus

Discussion in 'Technical Analysis' started by ForexLive, Aug 4, 2016.

  1. ForexLive

    ForexLive Forum Member

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    Looks to test key resistance target Close support now comes in between the 0.8436 adn 0.84508 area. This is the 38.2-50% of the last leg higher after the decision. After the first illiguid spike the price of the EURGBP corrected to 0.8405 (200 bar MA on the 4-hour chart). The price based from there and new buyers took the price higher. IF the buyers love this pair they should love it at 38.2-50% area of that last leg higher. If it goes below, there should be a further corrective move.

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