EURGBP approaching resistance, potential drop!
Price is approaching our first resistance at 0.8833 (horizontal overlap resistance, 38.2% Fibonacci retracement) and a strong reaction might occur below this level pushing price down to our major support at 0.8773 (horizontal overlap support, 100% Fibonacci extension, 61.8% Fibonacci retracement, long term ascending support line). Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
RSI (55) is also seeing a bearish exit and we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (55) is also seeing a bearish exit and we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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