We were expecting a correction towards 0.8900 in the previous forecast. This is what happened, the price of EURGBP move lower and hit the broken resistance area again.
We are looking for the bullish opportunity again from the current level. I am sharing daily and 4-hour technical analysis below.
Daily EURGBP Technical Analysis
The price moves lower after hitting the resistance level of the rising channel. EURGBP hit the support level again 0.8900, little bit lower movement is expecting before the bounce.
The resistance is at 0.9100 which may b the next target level. The price could drop towards 0.8850 before a bounce. We will look for the best possible price to jump in the bullish rally.
Alternately if the price moves down and breaks the support of rising channel which is at 0.8800, this will invalidate our bullish thoughts and could open the way for the bearish move again for EURGBP.
Please have a look at Daily EURGBP Technical Chart below, I have drawn a possible movement diagram with expected target levels.
EURGBP Daily Technical Chart
4-Hour EURGBP Technical Analysis
The EURGBP is moving in a rising channel forming higher high and higher low in 4-Hour time frame chart.
The recent high was around 0.9000 and the higher low was expected around 0.8900 which was hit in the previous day session. I am expecting a bounce from the support level towards new high and the minimum target could 0.9100. As per technical rules ” The trend is your friend ” we will keep an eye for the best price to jump in for bullish move as per the trend.
Please have a look at EURGBP technical chart below, I have mentioned the best possible prices to jump in the trade.
EURGBP 4-Hour Technical Chart
EUR GBP SUPPORT & RESISTANCE LEVELS
Support 1 : 0.8900
Resistance 1 : 0.9050
Resistance 2 : 0.9100
Note: Never risk more than 2% of your capital in a single trade and always trade with proper money management plan.