EURGBP could experience an up move

30 October 2020

EURGBP has risen sharply from 0.8865 since 3rd September to make a high of 0.9291 (on 11th September) in merely 7 trading sessions, albeit post this sharp upside move the currency pair has been trading with a negative bias. This correction seems to be taking place in a downward sloping triangle, further it currently is also near the support of the 61.8% retracement of the rise experienced from 3rd September to 7th September suggesting the pair could rebound in the near term. It would be safe to say that EURGBP could gain further towards 0.9070 and 0.9130 while above 0.8990.

Prepared by
Technical Analysis Team

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