Daily Price Outlook
The EUR/GBP is showing a strong bullish bias at the 0.8800 level, having disrupted the ascending triangle pattern. On the 4-hour timeframe, the closing of candles above the 0.8790 level increases the likelihood of a continuation of the bullish trend.
Additionally, the RSI and MACD indicators are both in a buying zone, supporting the uptrend in the EUR/GBP pair.
That being said, the EUR/GBP may continue to trade bullish above the 0.8790 level with a target of the 0.8825 mark, while support continues to hold around the 0.8770 level.
EUR/GBP Trade Idea
Entry Price – Buy Above 0.87939
Stop Loss – 0.87761
Take Profit – 0.88191
Risk to Reward – 1 : 1.4
Profit & Loss Per Standard Lot = +$322/ -$223
Profit & Loss Per Micro Lot = +$32/ -$22
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