EUR/GBP: Potential Rounding Bottom Pattern Is In Process

June 29, 2018

The daily chart of EUR/GBP seems very healthy for buyers as pair is making successively higher highs and higher lows on the daily technical chart. From technical prospective we can see that a potential rounding bottom pattern is in process of formation and we are expecting that bulls will do the full effort to complete it. The bare minimum target seems as 0.8971 level in near term.

 

In our previous report on also we have mentioned that buy this pair and it has bounced almost 100 pips from that level because that was right time to accumlate the pair. By witnessing the daily chart we can see that bulls are driving the car and heading towards north side. The recent candles are full of bullish momentum and indicating further bullish signal and presently pair is trading above all major and minor EMA lines.

 

 

From technical prospective we can observe that  pair has given us valid breakout of  an asceding triangle on the daily chart which is generating bullish signal and we will get further bullish momentum above the 0.8971 level which is a strong make or break level. A bullish crossover on MACD indicator is supporting the bulls  and histogram are favoring the bulls whereas RSI is also favoring the bulls from positive territory.

 

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