There is only one direction for this pair and this is down down down! Off course with retraces and breaks and ranges, but long term - DOWN! It is a great opportunity for long term short.
EURGBP approaches 38.2% Fibonacci mark; bullish move is expected in short-term
EURGBP appears poised for further losses and slipped beneath the 0.8850 barrier in the prior couple of days. Currently, in the short-term timeframe, the pair is developing between the 38.2% and the 50.0% Fibonacci retracement levels of the last significant upward movement with the low at 0.8690 and the high at 0.8923. The aforementioned levels are holding near the 0.8833 resistance level and the 0.8805 support level respectively. In addition, the pair posted two positive days in a row following the rebound on the 0.8800 psychological level. In case of upward correction, the price could hit the 0.8850 obstacle and the ... (full story)