- EUR/GBP trades a narrow 15 pips range ahead of the European session, day's high at 0.7636 and lows at 0.7621.
- The pair has been trading a falling wedge pattern since April 2016.
- After a brief break below, the pair has managed to edge higher and is currently holding above wedge base support at 0.7613.
- Mixed sentiment prevailing in the markets amid moderately higher Asian indices and falling oil prices.
- Traders continue to closely watch the latest Brexit polls, garnering further support for anti-Brexit camp, in absence of macro news from the UK docket.
- Immediate support is seen at Wedge base by 0.7613. Next major supports align at 0.7550 (50%Fib), 0.7525 (Tripple bottom Jan 15th, Jan 22nd, Feb 3rd) and then 200-DMA at 0.7522.
- Resistance on the upside is seen at 0.7641 (5-DMA), 0.7683 (38.2% Fib), 0.7676 (10-DMA).
- Weekly charts support downside, bearish invalidation only above 0.77 levels.
Recommendation: Sell rallies around 0.7630, SL: 0.77, TP: 0.7550/0.7525
The material has been provided by InstaForex Company – www.instaforex.com