EUR/GBP: Fibonacci levels analysis on 03.07.2015

July 3, 2015

The price may rise to 0.7150-0.7195.

At the four-hour chart, the pair EUR/GBP is trading near 23.6% correction at 0.7100, which is a key level. The breakdown of this level can push the price towards 0.7010. Strong consolidation above 0.7100 would allow the price to rise further towards 0.7150 (38.2% correction) and 0.7195 (50.0% correction). The price is most likely to reverse at 0.7150-0.7195 due to 23.6% Fibonacci for the medium-term trend standing at 0.7170. Moreover, the price may cross 38.2% arc which would lead to the downward movement. On the daily chart the price bounced off the important support level 0.7010 and is rising towards 23.6% correction for the medium-term trend at 0.7170, which confirms the upward movement in the nearest future.

Trading tips

Buy the pair from the current price with targets at 0.7150-0.7195. Set stop-loss at 30 points below the entry point.

Alternative scenario

The breakdown of 0.7100 would lead to the downward movement towards 0.7010. In this case, stop-loss should be set at 0.7130

Publication source
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