Slobodan Drvenica
Windsor Brokers
EUR/GBP
EURGBP holds in steep ascend for the fifth consecutive day, strongly supported by rising risk aversion on the latest escalation of trade war, as Euro turned to safe haven asset (along with yen and Swiss franc) on weakening dollar.
Fresh acceleration higher on Wednesday (the price was up almost 1% until early US trading) hit the highest since early January 2024, while the pair advanced nearly 4% in the latest five-day rally.
Bulls broke through important barriers at 0.8600 (50% retracement of 0.8978/0.8225) and 0.8624/44 (former tops of Aug 9 / Apr 23 last year) generating fresh bullish signals.
Important Fibo barrier at 0.8689 (61.8%) comes in focus, although bulls may take a breather for consolidation as strongly overbought daily studies suggest.
Dips should be shallow (in currently very favorable fundamentals) and offer better levels to re-enter firmly bullish market.
Good supports at 0.8600/0.8550 should ideally contain.
Res: 0.8689; 0.8714; 0.8765; 0.8800.
Sup: 0.8624; 0.8600; 0.8550; 0.8511.
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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