EUR/GBP continues moving higher producing higher highs and
higher lows. Pair formed a strong support area near 0.7700 and now it has very hard
time getting anywhere lower.
On the 2nd of March, EUR/GBP rejected the same support level
(0.7700) where at the same time it rejected the 200 Moving Average. Clearly
this level acts as a key support and while it is holding, an uptrend is very
likely to continue.
Consider buying EUR/GBP at the current rate (0.7830)
targeting the 361.8% Fibonacci level (0.8210)
applied to the first corrective wave down after breaking prior resistance at
0.7700. The stop loss should be just below S1 (0.7710)
Support: 0.7710
Resistance: 0.7850, 0.7940, 0.8070, 0.8210
The material has been provided by InstaForex Company – www.instaforex.com
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