EUR/GBP has accelerated its bullish momentum and is now located far above the 0.9084 former high signaling more gains. The pound has lost significant ground as the no-deal Brexit can eventually occur.
Technically, the pair has turned to the upside and it seems determined to approach and reach new highs soon. The euro received a helping hand from the German Industrial Production which has increased by 3.2%, beating the 1.8% expected.
EUR/GBP Seems Unstoppable
EUR/GBP has managed to jump and close above the R1 (0.9088) and far beyond the median line (ml) of the ascending pitchfork. The current breakout signals further growth ahead. If you remember, I have mentioned in the previous analysis that EUR/GBP will extend its upward movement if it passes the immediate obstacles.
The next target is seen at the upper median line (UML) of the descending pitchfork. The R2 (0.9164) could be used as an immediate target as well. A valid breakout above these levels will activate a larger upside movement.
- EUR/GBP Trading Tips
The current breakout above the median line (ml) and above the R1 (0.9088) represents a long signal. A valid breakout above the upper median line (UML) could be considered a buying opportunity.
Escaping from the major descending pitchfork's body indicates a swing higher towards the 0.93 - 0.94 levels.
