EUR/GBP: resistance defines everything

EUR/GBP: resistance defines everything

2020-07-17 • Updated

EUR/GBP is trying to break higher after the consolidation that took the major part of this week. The big decision about the European recovery fund is getting nearer. Notice that there is a bearish resistance line going through the 2020 highs around 0.9115. A confirmation of the breakout to the upside will be necessary. The advance above 0.9115 will let the uptrend continue towards the June high at 0.9175 – be careful to wait for confirmation of a breakout. The overall outlook will remain positive as long as the price is above 0.9050. The slide below this point will spoil the correction and open the way down to 0.9015/00.

Trades idea for EUR/GBP

BUY 0.9120; TP 0.9170; SL 1.9105

SELL 0.9045; TP 0.9015; SL 0.9055

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