Yesterday, we recognised the potential for GBP crosses to rise on account of the uptrend reversal pattern on the daily EURGBP chart after price hit a confluence zone of long-term support turned resistance (0.7755-0.7770). In case you missed it, check out yesterday's post. Price is currently below the 20-day EMA @ 0.7550 and GBPUSD is currently up 150 pips from its intraday low. We're looking for a close below 0.7550 in EURGBP after tomorrow's BOE rate announcement to confirm the new trend and then subsequently buy dips in GBP crosses at technically significant support levels (pivot points, Fibonacci retracements). Safe trading!
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