EURGBP Bouncing Off Supports
Updated
Cable is coming up on its first retest of the channel it had been forming since September 2017. SRSI and Stoch are both showing oversold but have not crossed up yet, so expecting support at the 0.786 fib level and beyond that at 0.86851. If it breaks through both supports the bears may have enough momentum to push past the channel.
Trade closed: target reached
Bounced perfectly off the first support, but in a week will be the EU Summit which will determine whether it will be a soft or hard Brexit, or no referendum. That will impact severely this price action, so keeping an eye on this chart for the next few weeks.
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