EURGBP moves in uptrend since lows from November 2015. Upward movement is very dynamic. Corrections which occurred during this period retraced only 23.6% of main trend. Struggle between demand and supply can be seen at 0.7760 – 0.7800. Because it lasts since a week it shows the determination of the bulls and the strength of that level. It can be found at weekly TF how important that level was in the past.
It is likely that this level won’t break and rebound will occur. Nearest support is at 0.7700 however more important level were potential declines should reach is 0.7540. This level coincides with Fibonacci 38.2% of previous upward movement. Alternatively if bulls are strong enough next resistances will be at 0.7900, 0.8030.
Time-frame H1
Time-frame W1
