EUR/GBP:Bulls are heading at year 2018’s fresh high

Aug 8 , 2018

 

In the last month we have mentioned to buy this pair at 0.8650 level and presently pair is trading at 0.8967 level which bounced almost 300 pips. we are expecting that readers have made smart earning from this fabulous rally. This pair becomes too volatile and heading at 2018 year’s fresh high.The pair is making highers highs and higher lows by taking the support of an uptrend line on daily technical chart.

 

Odds are in favor of bulls and we will keep our bias bullish on the pair as long as 0.8850 level remains intact. A bullish marabuzo candlestick above the moving average lines is supporting the bulls and generating bullish signal.

 

 

 

From technical perspective we can observe that recently we have received a breakout of an ascending triangle on the daily chart which is generating a bullish signal and we will get further bullish momentum once pair trades and settles above the 0.8970 level which is a strong make or break level. however, it has given us breakout but will it sustain at that level or not.

 

 

Short term to intermediate-term trend is up. A bullish crossover on MACD indicator is supporting the bulls.RSI is also favoring the bulls from positive territory. The  0.9000 level is a key resistance level followed by 0.9050 level whereas 0.8750 is a key support level followed by 0.8700 level.

 

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