- EUR/GBP trades a rising channel, the pair is likely to extend consolidation before it resumes uptrend.
- A flag pattern is observed on daily charts, RSI strength seen on daily and weekly charts, with scope to run further.
- We forecast a 0.7554-0.7475 range for this week. Immediate support is seen at 0.7420 (23.6 % Fib of 0.6981 to 0.7554 rise).
- On the topside 0.7554 (Jan 11 high) is immediate resistance ahead of 0.7566 (channel top).
Recommendation: We would buy dips in the pair around 0.7420, SL: 0.7360, TP: 0.7550/60
The material has been provided by InstaForex Company – www.instaforex.com