EUR/GBP Swing Higher In Play!

EUR/GBP increases at the moment of writing signaling strong buyers and a potential upside continuation. In the short term, it has decreased a little trying to attract more buyers before jumping higher.

The Euro has received a helping hand from the Euro-zone Current Account. The economic indicator was reported at 21.3B versus 12.3B expected and compared to 13.9B in the previous reporting period.

EUR/GBP Technical Analysis!

EUR/GBP is bullish despite its temporary declines. It has confirmed the ascending pitchfork after registering a false breakdown below the lower median line (LML). Failing to come back to test and retest the LML signaled a broader upwards movement.

Technically, the ascending pitchfork’s median line (ML) is seen as an upside target, a major obstacle. We cannot exclude a minor decline after the current rally. EUR/GBP has escaped from the minor flag, so it could come back to test and retest the broken levels before resuming its growth.

Conclusion!

EURGBP is somehow expected to increase in the coming period after confirming the ascending pitchfork and after failing to come back to retest the lower median line (LML). A new higher high indicates strong buyers.

 

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.