On Tuesday, demand for EURGBP continued to grow after breaking on Monday resistance at 0.9130. In the coming days we can expect the pair return to that level. This price reaction will be a classic pull back, very often seen on charts.

Demand for the moment is very strong and its rather hard to await in such conditions a downturn. However a bearish correction should occur after testing upper limit of the growth channel. This level is currently in the 0.9250 area. Declines that should appear mustn’t be deep and may end on a new 0.9130 support.

EURGBP H4

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The real signal of bulls weakening will be breaking of 0.9130 level and next the lower limit of the growth channel. Such a scenario could even signal a reversal of the current upward trend. Currently, however, none of the listed factors has been fulfilled, so it is better to focus on joining the current trend, but only after correction.

EURGBP Daily
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