FX.co ★ EUR/GBP Intraday Technical Analysis & Trade Recommendation December 30, 2011

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

Last Monday We had bullish breakout of the mentioned channel then on Tuesday we had successful retesting of the support level 0.8343 with bullish price action.

Since then our view for the pair turned to the bullish side, So we suggested having LONG positions at 0.8343 which is open now with profit.

We had a strong resistance level at 0.8375 which was be broken now acting as support for our position.

Based on the previous analysis, Some profits should have been taken at the 1st TP level 0.8400 & Now another Long position can be added at the retest of support level 0.8375.

SL should be placed below 0.8335 & TP placed at 0.8400, 0.8435 then 0.8480.