FX.co ★ EUR/GBP Leg Up Expected Soon

EUR/GBP has managed to escape from a descending channel and now is expected to go for new higher highs. The pair has found strong demand, support, around the 0.9020 level, so it could increase further as long it stays above this level.

The current retreat could be only a temporary one before the pair will resume its upside movement. Personally, I believe that an increase above 0.9098 could validate a broader upwards movement.

Only a drop below 0.9020 could invalidate a further growth on EUR/GBP. This scenario is less likely to happen.

• EUR/GBP Conclusion and Trading Tips

We may have a great buying opportunity if the price jumps above 0.9098 former high. The immediate target will be represented by 0.9141 high. A breakout above this obstacle will suggest a larger upside movement.

If you want to sell EUR/GBP, you should wait for a drop below 0.9020 static support and under the former downtrend line.