The EURGBP exchange rate has recently experienced significant negative pressure, which has led to a temporary halt in its bullish momentum and the formation of corrective bearish waves. The price has now rebounded from the MA55 at 0.8508 and is trading above the bearish channel’s resistance line at 0.8520.
The stochastic indicator’s exit from oversold conditions is expected to enhance the likelihood of positive momentum, potentially resuming bullish movements with targets at 0.8555 and 0.8590.
Today’s anticipated trading range is between 0.8515 for support and 0.8555 for resistance.
Trend Forecast: Bullish
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