EURGBP is currently trading around 0.85, having completed a successful breakout and retest of the previous resistance-turned-support level. The price action aligns with a classic bullish continuation pattern, suggesting that the pair is poised for another upward move. My target for this bullish wave is 0.88, which corresponds to the next significant resistance zone.
Technical indicators support this outlook. The formation of a falling wedge pattern on the 4-hour chart has been confirmed, with the breakout leading to a sustained upward trajectory. The retest of the breakout level has held firm, indicating strong buyer interest and the potential for continued bullish momentum.
From a fundamental perspective, the euro is gaining strength due to improved economic indicators in the Eurozone, while the British pound faces headwinds amid ongoing fiscal policy uncertainties in the UK. This divergence in economic outlooks is contributing to the euro's relative strength against the pound, further supporting the bullish case for EURGBP.
In summary, the combination of technical patterns and fundamental factors suggests that EURGBP is well-positioned for a move toward 0.88. Traders should monitor key support levels to manage risk and look for confirmation of continued bullish momentum as the pair approaches the target zone.
Technical indicators support this outlook. The formation of a falling wedge pattern on the 4-hour chart has been confirmed, with the breakout leading to a sustained upward trajectory. The retest of the breakout level has held firm, indicating strong buyer interest and the potential for continued bullish momentum.
From a fundamental perspective, the euro is gaining strength due to improved economic indicators in the Eurozone, while the British pound faces headwinds amid ongoing fiscal policy uncertainties in the UK. This divergence in economic outlooks is contributing to the euro's relative strength against the pound, further supporting the bullish case for EURGBP.
In summary, the combination of technical patterns and fundamental factors suggests that EURGBP is well-positioned for a move toward 0.88. Traders should monitor key support levels to manage risk and look for confirmation of continued bullish momentum as the pair approaches the target zone.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Join our Forex Community Telegram group and connect with thousands of traders.
Hit the Link below
👇👇👇
linkin.bio/andrewstelegramfamily
Hit the Link below
👇👇👇
linkin.bio/andrewstelegramfamily
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.