EUR/GBP trades a rising channel, consolidating ahead of next leg
EUR/GBP trades a rising channel, the pair is likely to extend consolidation before it resumes uptrend.
A flag pattern is observed on daily charts, RSI strength seen on daily and weekly charts, with scope to run further.
We forecast a 0.7554-0.7475 range for this week. Immediate support is seen at 0.7420 (23.6 % Fib of 0.6981 to 0.7554 rise).
On the topside 0.7554 (Jan 11 high) is immediate resistance ahead of 0.7566 (channel top).
We would buy dips in the pair around 0.7420, SL: 0.7360, TP: 0.7550/60
A flag pattern is observed on daily charts, RSI strength seen on daily and weekly charts, with scope to run further.
We forecast a 0.7554-0.7475 range for this week. Immediate support is seen at 0.7420 (23.6 % Fib of 0.6981 to 0.7554 rise).
On the topside 0.7554 (Jan 11 high) is immediate resistance ahead of 0.7566 (channel top).
We would buy dips in the pair around 0.7420, SL: 0.7360, TP: 0.7550/60