EURGBP: Preparing a leg up in the sideways formation.
EURGBP is forming a sideways pattern at its lows and the technical picture favors one more leg up and a potential breakout.
We open BUY orders at current levels (0.8400-05) adding more at 0.8380. We will set the stops below 0.8368 targeting 0.8430-35. If price breaks above 0.8430 on an hourly close we will buy again for 0.8470-80 target, setting the stops below the candle that will lead to the breakout.
Below you van see the daily chart where the bottom of the channel is being tested.
We open BUY orders at current levels (0.8400-05) adding more at 0.8380. We will set the stops below 0.8368 targeting 0.8430-35. If price breaks above 0.8430 on an hourly close we will buy again for 0.8470-80 target, setting the stops below the candle that will lead to the breakout.
Below you van see the daily chart where the bottom of the channel is being tested.