By: John Ursus
Timeframe: W1 Recommendation: Long Position
Entry Zone: 0.8400 – 0.8425
Take Profit Zone: 0.8525 – 0.8550
Stop Loss Zone: 0.8300 – 0.8325
The EURGBP has corrected as a result of a strong GBP and a weaker EUR. The Euro was weakened by dovish comments out of the ECB last week, while the British Pound Sterling has enjoyed the confidence that the Bank of England may raise interest rates much sooner than Bank Governor Carney has pledged.
The results of the above combination was the correction of the EURGBP currency pair into a strong support zone form which it should pause the correction and move higher back into its Fibonacci resistance level.
