EURGBP – fast correction and return to uptrend

Since almost a year demand was unable to break above 0.7480. From the other side, supply likewise wasn’t able to broke below support at 0.6990. As a result on January 8 there was a successful breakout of consolidation upper limit and new dynamic upward impulse began.

After shallow ABC correction (where C = A * 61,8%), price today reached highest level since a year. Upward movement should be continued for at least another 160 pips to 0.7760 level. Correction should occur there and its strength will show current condition of the bears.

Time-frame M30

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Time-frame D1