EURGBP has been consolidating in a range since the 17th of November after finding support at the 0.38 levels. Since support has been established at this level the price has risen twice whenever price has come down towards this area. The price has fallen from the top of the range and has started to stabilize around the 0.839 regions. The RSI levels on the 1hr chart have started to pick up as well and are currently oversold at the 26 levels. The target for this trade is at the top of the range-bound, roughly at the 0.844 area. The stop-loss for this trade is just below the bottom of the range at 0.832.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.