EURGBP provides fake rise – Analysis – 21-9-2018

The formed some positive trades recently, achieving 0.8918 level, affected by some positive pressures caused by stochastic approach to 80 level, while this rise is considered as fake rise unless the price managed to surpass 38.2% Fibonacci correction that forms additional resistance at 0.8930, to continue suggesting the negative trades for the near term and medium term period.

Also, the consolidation of the moving average 55 around the current resistance confirms blocking the price within the negative range, to expect gathering new negative momentum and start targeting negative levels by reaching 0.8870 followed by 0.8810.

Expected trading range for today is between 0.8920 and 0.8870

Expected trend for today: Bearish