EUR/GBP Weekly Candlestick Chart. A DB on the short term charts last week played out nicely also with a good shorting position coming in afterwards at 0.9260 that eventually yielded 100 pip +/-. Price action now above the 0.618% Fib level creates a bullish stance with the next viable target at 0.9455. Above 0.9300 cancels the downside for now but see this as temporary while GBP is subject to weakness overall - important support on GBP/USD at 1.5675 (see chart)

Both the 10 and 30 week moving averages also keep the picture positive for now. Level to watch is 0.9455 on a weekly close. Above this for potential target at 0.9590 but only at a stretch!

Bias for now is neutral with a view to watching for strong resistance at 0.9430/55 set in, and a possible position to the downside thereafter. Holding below 0.9300 puts pressure back on the downside with 10 week MA as target.

EURGBPGBPUSD