EURGBP is in range of bullish flag pattern on a weekly time chart and it could hit a Fibonacci support before a new bounce. The expected target after the bounce is around 0.9000

I am sharing weekly and 4-hour time frame analysis below to get the closest overview of EURGBP.

 

Bullish flag pattern in an uptrend is the indication of more bullish moves. But we have to look from which level market can bounce for the new high. I have a drawn a Fibonacci retracement level to get the possible bounce area for the next high in EURGBP.

Please have a look at weekly EURGBP chart below for better understandings.

 

Weekly EURGBP Technical Chart

Weekly EURGBP Technical Chart

 

4-Hour EURGBP Technical Analysis

4-Hour chart always helps us to predict the earliest movement and to catch the trade at its earliest stage.

The EURGBP is moving in the range between 0.86100 to 0.9000, As long as the price is moving in this range we will remain neutral unless the price breaks any side for the new direction. If we merge weekly analysis with 4-hour analysis, we will look for bullish entry from the very support level to get the better price to jump in the possible bullish rally.

Please have a look at 4-Hour chart below, I have created the price range diagram and support resistance levels for better understandings.

 

EUR GBP SUPPORT & RESISTANCE LEVELS

Support 1:     0.86100

Support 2:     0.83925

Resistance 1 :   0.9000

Please keep in mind, we only consider the break after the closing of candle and we confirm the candle to see the specific time frame chart candle closing. To get the charting option for live prices please visit

Fxstreet.

Note: Never risk more than 2% of your capital in a single trade and always trade with proper money management plan.