The situation on the EURGBP chart can already be called a true shopping frenzy. On weekly chart of the last 16 candles, only 4 are red. During this period, the price rose from 0.8380 to 0.9230. It may inevitably be time to start at least a downward correction.


The nearest resistance that is the bulls’ current target is 0.9300. In this area there is a maximum of the last 8 years and it is expected that there will bears will wait to response.

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It is noteworthy that EURGBP is moving inside a growth channel. With a strong upward trend, breaking the upper limit of the channel is not a challenge for buyers. However, if the supply is able to break the lower limit of this channel, such a move should result in at least a deep bearish correction. Of course, to breaking the lower limit is still far away, so it is worth in the coming days to observe level 0.9300 and behaviour of price in this area.


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