EUR/GBP looking to correct recent drop

EUR/GBP looking to correct recent drop

Bears in the EUR/GBP pair remain strong and the outlook remains bearish across the board. However, following an impulsive drop, the pair could start to retrace from the current stage, towards the 50% Fibonacci level at 0.8983. Around that area, we can expect a supply area that could take the pair to test fresh lows below 0.8773. If that happens, next target is placed at the -23.6% Fibo level in 0.8674.

RSI indicator is overbought, but still, it’s showing signs of exhaustion of the bearish trend.




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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