EUR/GBP has accelerated its bullish momentum and is now located far above the 0.9084 former high signaling more gains. The pound has lost significant ground as the no-deal Brexit can eventually occur.
Technically, the pair has turned to the upside and it seems determined to approach and reach new highs soon. The euro received a helping hand from the German Industrial Production which has increased by 3.2%, beating the 1.8% expected.
EUR/GBP Seems Unstoppable
EUR/GBP has managed to jump and close above the R1 (0.9088) and far beyond the median line (ml) of the ascending pitchfork. The current breakout signals further growth ahead. If you remember, I have mentioned in the previous analysis that EUR/GBP will extend its upward movement if it passes the immediate obstacles.
The next target is seen at the upper median line (UML) of the descending pitchfork. The R2 (0.9164) could be used as an immediate target as well. A valid breakout above these levels will activate a larger upside movement.
- EUR/GBP Trading Tips
The current breakout above the median line (ml) and above the R1 (0.9088) represents a long signal. A valid breakout above the upper median line (UML) could be considered a buying opportunity.
Escaping from the major descending pitchfork’s body indicates a swing higher towards the 0.93 – 0.94 levels.
The material has been provided by InstaForex Company – www.instaforex.com
🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.
As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.