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Having broken through the important short-term resistance level 0.8556 (ЕМА200 on the 1-hour chart) last Friday, today EUR / GBP continues to develop an upward trend, trying to gain a foothold in the zone above the important levels 0.8585 (ЕМА50 on the daily chart), 0.8577 (ЕМА200 on the 4-hour chart).
If it succeeds, then a request for further growth of EUR / GBP will be made. A confirmed breakdown of the local resistance level 0.8600 may become a turning point for a reversal and a change in the direction of the pair from downward to upward.
In this case, an upward correction can send EUR / GBP towards the long-term resistance levels 0.8670 (ЕМА144 on the daily chart), 0.8710 (ЕМА200 on the daily chart), 0.8720 (ЕМА200 on the weekly chart).
The breakdown of the 0.8720 resistance level will be a signal for the resumption of the global uptrend that began in 2000.
In an alternative scenario, EUR / GBP will resume its decline. The first signal for the resumption of sales will be the breakdown of the support level 0.8577, and the targets - the support levels 0.8556, 0.835, 0.8495, 0.8370, 0.8210 (ЕМА200 on the monthly chart).
Support levels: 0.8577, 0.8556, 0.8535, 0.8495, 0.8400, 0.8370, 0.8210
Resistance levels: 0.8585, 0.8605, 0.8670, 0.8710, 0.8720
Trading Recommendations
Sell by market, Sell Stop 0.8565. Stop-Loss 0.8610. Take-Profit 0.8556, 0.8535, 0.8495, 0.8400, 0.8370, 0.8210
Buy Stop 0.8610. Stop-Loss 0.8565. Take-Profit 0.8670, 0.8710, 0.8720
