EURGBP approaching support, potential bounce!
EURGBP is approaching our first support at 0.8861 (horizontal swing low support, long term ascending support line, 61.8%, 50% Fibonacci retracement) and a strong bounce might occur above this level pushing price up to our major resistance at 0.8955 (horizontal overlap resistance, 38.2% Fibonacci retracement, 100% Fibonacci extension). Stochastic (89,5,3) is approaching support and we might see a corresponding rise in price should it bounce off this level.
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Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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