The market is going to test the closest support at 1.4069 - 1.4027. If a pullback from these area happens little later on...
EUR/GBP on its way to levels above 0.90
EUR/GBP is trying to send some Fibonacci signals in order to trade it. Currently, it’s riding a bullish structure started a couple of weeks ago and the retracement could be taken as a correction. Such move could be go as long as the 0.8867 level, at which is located the Fibonacci retracement level of 50%, where a demand zone has been established.
If the pair manages to rebound above that area, then we might expect a bullish continuation towards the -23.6% Fibonacci level around 0.9052 for the short-term. To confirm this scenario, EUR/GBP needs to break above 0.8993. RSI indicator remains in the positive territory.
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
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…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.