The EUR/GBP pair has bounced from OUR Identified support zone on a 4 hour time frame. The support zone was given in our analysis on the 28th of August. The risk mentioned was 19 pips and the price has moved more than 108 pips which is more than 5:1 ratio. An aggressive investor can certainly take the option of booking some profit and move the stop the break even.
The pair is still trading above the 50 day (shown in yellow) and the 100 day moving average (shown in red) which means that the trend is still towards the downside. The price has also formed a symmetrical triangle pattern and these patterns usually break in the direction of the recent trend which is towards the upside.
The RSI and the MACD are trading in line with the price action which means there could be still more momentum towards the upside.
Important Zones
Resistance Zone
0.8182-0.8162 Major
0.8234-0.8111Minor
Support Zone
0.7890-0.7871 Minor
0.7843-0.7810 Major
Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.