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FxWirePro: EUR/GBP trades a rising channel, to extend consolidation this week before next leg higher

EUR/GBP trades a rising channel, the pair is likely to extend consolidation before it resumes uptrend.

  • A flag pattern is observed on daily charts, RSI strength seen on daily and weekly charts, with scope to run further.
     
  • We forecast a 0.7554-0.7475 range for this week. Immediate support is seen at 0.7420 (23.6 % Fib of 0.6981 to 0.7554 rise).
     
  • On the topside 0.7554 (Jan 11 high) is immediate resistance ahead of 0.7566 (channel top).

Recommendation: We would buy dips in the pair around 0.7420, SL: 0.7360, TP: 0.7550/60

  • Market Data
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