Technical overview of cross-rates
EUR/GBP (current price: 0.8910)
- The main recommendation: sale entry is started from 0.8930 (Fibo. 38.2 from the April’s low), 0.8950.
- Alternative recommendation: buy entry is started from 0.8890 0.8850.
After yesterday’s pervasive decline in the British pound across the entire spectrum of the market, this pair entered the correction phase. This indicates the possibility of reducing EUR/GBP to the levels of 0.8850-30. The downward trend of August-October is an additional factor, indicating the recovery of the pound. Also, this pair failed to overcome the mark of 0.8930 (Fibo. 38.2 from the April’s low), which confirms the preservation of a downtrend.
Recommended for reading: https://esterholdings.com/en/2017/11/03/eur-usd-segodnya-para-gotovitsya-k-nfp/ and https://esterholdings.com/en/category/tehnicheskij-analiz/
Hanzenko Anton