EUR/GBP: key support still intact

The key support at 0.8467 on the EURGBP daily chart is still intact but still at risk for a break lower. A second consecutive inside bar (today’s candle is not complete yet) signal a volatility squeeze. The 0.8467 support is underpinned by the 61.8% fibonacci retracement level at 0.8447. Either way a false inside bar breakout (dubbed as a ‘fakey’ by Nial Fuller) would be a strong signal to trade.
While the long-term trend is bearish, the current level is crucial to see if the trend will continue with target near the channel lows around 0.8000.


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