Fxwirepro: Eur/gbp Faces Strong Resistance Around 0.7360, Good to Sell on Rallies

• RES 4 : 0.7420 (Aug 24^th high)
• RES 3: 0.7395 ( Sep 1^st high)
• RES 2: 0.7350 (61.8% retracement of 0.7420 and 0.7250)
• RES1 0.7294(20 day 4 HMA)                                    

      PRICE: 0.7270@ 11:38 GMT 

• SUP 1: 0.7240 (Aug 30^th Low)
• SUP 2: 0.7220( 200 day 4 HMA)
• SUP 3: 0.7168 (61.8% retracement of 0.7027 and 0.7420)
• SUP 4: 0.7100

EUR/GBP has retreated after making a high of 0.7339 on Friday. It is currently trading at 0.7260. The pair’s major support is around 0.7240 and any break below will take the pair further down till 0.7160.

Short term trend is bearish as long as resistance 0.7360 holds.

On the higher side minor resistance is around 0.7360 and any break above would extend gains till 0.7430.

It is good to sell on rallies around 0.7320 with SL around 0.7360 for the TP of 0.7240/0.7160.

The material has been provided by InstaForex Company – www.instaforex.com