FX.co ★ EUR/GBP Intraday Technical Analysis & Trade Recommendation December 27, 2011

EUR/GBP currency pair has been trending down inside a bearish channel during this month.

Yesterday we had bullish breakout of the mentioned channel then today we had successful retesting of the support level 0.8343 with bullish price action.

Our view for the pair has turned to the bullish side, So we suggest having LONG positions in the current time.

We shouldn't forget that we have a strong resistance level at 0.8375 that should be broken in order to resume the upside movement.

Based on the previous analysis, Long position can be taken either at 0.8343 OR after break of the resistance level 0.8375.

SL should be placed below 0.8300 & TP placed at 0.8400, 0.8435 then 0.8480.