The EURGBP holds above the support – Analysis – 20-4-2023

The EURGBP pair resisted the negative pressures caused by stochastic decline below 50 level by providing new positive close above the bullish channel’s support line at 0.8790, noticing the stability of the MA55 near this support line to confirm confining trades within the bullish track, to keep waiting to activate the bullish attack and start achieving gains near 0.8845 and 0.8885.

The risks of changing the main bullish trend will appear in case the price attempted to break 0.8720 level, to force it to form strong negative waves and suffer many losses by crawling towards 0.8680 followed by reaching 38.2% Fibonacci correction level at 0.8560.

The expected trading range for today is between 0.8780 and 0.8845

The expected trend for today: Bullish