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EUR/GBP Bulls Reload: Buy Dips Above 0.8640 for 0.8800 Run

 

 

 

EURGBP showed a minor profit booking after a jump of more than 140 pips.As long as support 0.8640 holds, intraday bias is bullish. Currently trading at 0.87098, it reached an intraday high of 0.87098.

Technical Analysis

The pair is currently trading above  55 and 200- EMA and 365-EMA on the 4-hour chart.

Bearish Trend Confirmation: Any break below 0.8660 confirms an intraday bearish trend. A drop to 0.8600/0.8540 is likely.

Near-Term Resistance:  The near -term resistance is around 0.8725. Any violation above will take the pair to 0.8750/ 0.8780/0.8825/0.8865/0.8900/0.8950.

Indicator Analysis (4-hour chart)

CCI (50): Bearish

Average Directional Movement Index:  Neutral

Trading Recommendation

It is good to buy on dips around 0.8678-80 with SL around 0.8630 for a TP of 0.8780/0.8800.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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