EUR/GBP on its way to consolidate above 0.8800

EUR/GBP on its way to consolidate above 0.8800

EUR/GBP is following a bullish sequence from December 18th lows, at which gained momentum in order to establish a Fibonacci retracement idea across the board. According to the theory, the pair has made a correction of 50% and it made a rebound that could put the focus towards the -23.6% Fibo level at 0.8911. To the downside, if it manages to break below the 200 SMA at H1 chart, the next target should be the December 18th lows at 0.8791.

RSI indicator remains in the positive territory, favoring to the bulls.




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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