EURGBP Weekly Forecast Feb 24-28

Despite recovery last week, the outlook in EURGBP is on the downside as long as resistance 0.8336 holds on a weekly basis, support comes at the 0.8157 levels, sustained trading below this level will open 0.8000 levels, a halt is suggested, but losing the 0.8000 levels will open 0.7800 next.

On the upside, break of 0.8336 levels will confirm bottoming at the  0.8157 levels, If seen, the pair will recapture the 0.8375 levels where a breach will turn the focus on the 0.8470 levels.

Note that upside move above 0.8336 should be limited by the 0.8470 levels, sustained trading above the 0.8470 levels will turn outlook towards 0.8700 and possibly higher.

In all, as long as resistance 0.8336 holds, the EURGBP will remain biased to the downside towards the 0.8157/0.8000 levels, break of 0.8336 will turn outlook neutral and bring consolidations.

 

EURGBP Weekly Forecast Feb 24-28

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