Yesterday the EURGBP seemed to start a retracement, after a nice bullish leg. The 4H chart showing a key reversal figure and the indicators pointing to oversold conditions.
That was a fake movement because the rest of the day the price moved back up and close at what we considered the invalidation level for a possible short position.
Price action: Today’s chart shows that the continuation of the main trend the upside is in place.
Technical Indicators:
The Stochastics: although in the overbought area, it turned up again
MACD: Bullish
Woodies CCI: Bullish, although close to +200, an overbought level.
Resistances:
R1 0.89473
R2 0.9000
R3 0.90680
Supports:
S1 0.88755
S2 0.8800
S3 0.8765
