EUR/GBP: correctional move is needed!

7 thg 2, 2022

As it can be inferred from the chart, last week's heavy GBP fundamentals managed to push the price up by almost 200 pips. After an impulsive move, a correctional move is definitely needed. We are patiently waiting for the price to tap the area of 0.84700 resistance once again, before it can start pushing to the downside. When a valid top is formed, we will be opening short positions and aiming for the area of 0.838, which is a previous zone of resistance now turned support that lines up with 50% Fibonacci retracement level.