EURGBP soars – Technical Analysis – 14-10-2015

The EURGBP pair jumped upwards yesterday, this new rise comes amid of full domination of the short term bullish trend, supported by the moving average 50, to reach the critical resistance 0.7480, which will detect the next trend, as this level represents a previous top that the price failed to breach it and bounced lower from there, also forms 50% Fibonacci level for the long term bearish wave measured from 0.8045 to 0.6915.

Therefore, we recommend staying neutral waiting to monitor the price behavior according to this level, as breaching this level followed by a daily close above it will hint more rise and rallying upwards, to target 0.7545 resistance level directly.