EURGBP bounces from multi year lows

EURGBP bounces from multi year lows

Key Support: 0.8549
Key Resistance: 0.8640

Long Term View
The EURGBP has moved down 8.25% from the September 9th 2020 highs ia a very choppy way. This market lacks structure but key levels are very well respected.

1H Chart Analysis
The EUR/GBP rejected a multiyear level of support (0.8550) which gave us a buy setup on high probability trade.
There were talks about lifting restriction in the U.K. earlier today which pushed the Pound up and in the case of the EUR/GBP this bullish momentum in the Pound push this pair down almost 3/4 of a percent! BIG move earlier today.

This move clearly rejected our key level around the 0.8550 and we decided to jump in long at the first pullback.

We are still inside of a very strong mid term bearish structure but even high impact data appreciating the GBP is not strong enough to break this multi year level.

We are long and managing our buy position very aggressively because we are trading a mean reversal on a market that clearly bears have under control.

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Author : Orlando Gutierrez

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