EURGBP Double Bottoms

EURGBP Double Bottoms

Key Support: 0.8555
Key Resistance: 0.8600 – 0.8675

Long Term View
The EURGBP has been in a really strong bearish market since it broke with the 0.8870 level of support. This level held as support for 250 days.

Rigot now we are retesting the next key level at the 0.8550

2H Chart Analysis
Last Wednesday bears took price down to retest this level after being in control for over a month on a 380 pip bearish ride from the 0.8850  breakout.

Here´s where buyers were placed and price rallied 190 pips. It then  came down to retest it again right before a pop of about 20 pips. This double bottom is our buy opportunity with good risk t reward.

We are seeing also strong bullish divergence printed.

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Author : Orlando Gutierrez

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