EURGBP found  support in 0.756 area and as you can see on the chart, cross quotes are rising for third day in the row. But we’re getting closer, and closer to  confluence of resistance area which might put an end to bullish momentum. 


Mentioned area is built on 0.8898/0.8931 where 20-day SMA meets bearish trendline. Taking into account the momentum of declines we have observed recently on this currency pair with mentioned confluence of resistance we might be able to look for shorts. Selling the EURGBP will be able only in case of a positive test of resistance.

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In bearish scenario market will be heading to test the 0.8756 support area first. If the supply forces will be too strong to stop, then 0.8640 test is inevitable. 

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