The more upward movement was predicted last week. The price moves up and hit the second resistance target 0.9100.
We are expecting a reversal from this point.
I am sharing daily and 4-Hour technical analysis forecast below, please go through it.
EURGBP Daily Technical Analysis
The price is moving in a higher high direction and forming rising channel formation in EURGBP daily chart. The recently EURGBP hit its extreme resistance level 0.9100 and it seems it may reverse back from the current market price.
The price could fall back to the rising channel support area which is at 08950 and 0.8900 in case of extension. We will look for further movement once the price hit its support area again.
Please have a look at the daily technical chart below, I have described why I am
looking for a bearish move from this level.
EURGBP Daily Technical Chart
EURGBP 4-Hour Technical Analysis
We can see a close look of rising channel formation in a 4-Hour chart. The price is reversing back from the resistance level and forming bearish divergence if we look closely at MACD and higher high direction.
I always love the diversion especially in 4-Hour chart because it gives medium term highly accurate movement.
I am expecting a bearish move from current market price and this move may high 0.8950 minimum and 0.8900 as an extension target.
Please have a look at EURGBP 4-Hour Technical chart below, i have drawn a possible movement prediction chart with expected target levels.
EURGBP 4-Hour Technical Chart
EURGBP SUPPORT & RESISTANCE LEVELS
Support 1 : 0.8950
Support 2 : 0.8900
Resistance 1 : 0.9100
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