EURGBP – fresh bullish acceleration tested daily cloud base
|EURGBP
The cross rallied strongly after disappointing Brexit news, surging through psychological 0.9000 barrier and dented strong resistance at 0.9024, provided by base of thick daily cloud.
Today's fresh bullish acceleration signals resumption of larger uptrend from 0.8745 (27 Sep low) which was paused for 0.8992/0.8906 consolidation before bulls resumed.
Clear break above cloud base would generate fresh bullish signal and open way towards next target at 0.9092 (Fibo 61.8% of 0.9306/0.8745 (29 Aug/27Sep descend).
Daily studies are turning into full bullish setup and are supportive for further advance.
However, hesitation at key barrier at 0.9024 cannot be ruled out as slow stochastic is re-entering overbought territory and forming bearish divergence which may delay bulls.
Broken daily Kijun-sen at 0.8974 should keep the downside protected.
Res: 0.9032; 0.9047; 0.9092; 0.9165
Sup: 0.9000; 0.8974; 0.8916; 0.8906
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.