- EUR/GBP Major support is at 0.836 level at the 38.2 Fibonacci retracement level
- The General trend of the pair has been on an uptrend since 2015
- The near time trend support lies at the 0.8808 level
- The pair has formed a resistance
- Since the trend is bullish I am to long the pair.
- If you are to enter trade entries at current price level, I’d place my stop just below the weekly trend line support and place my take profit at this year’s highs.
- The pair is particularly sensitive to Brexit turmoil and monetary policy of the ECB and Bank of England.
- This week on October 12 we have two major events affecting the pair. The first is at 11:30am GMT: GBP Bank of England Credit Conditions & Bank Liabilities Surveys. The other is at 5:30pm GMT: EUR ECB President Draghi participates in panel in Washington.
Chart have been prepared using xStation 5