Hello traders, the target to the upside for the EUR/GBP pair on the daily timeframe has not been reached yet. The target is the upper boundary of the daily trading range at 0.8770, which corresponds to a deviation of +1% from the usual 55-day moving average. This deviation will be at its maximum when the market is still in a ranging mode. Therefore, when the resistance at 0.8770 is touched, it will be an excellent opportunity to open sell positions for the EUR/GBP pair on a bounce from this level, but first the price needs to rise there. The uptrend towards 0.8770 will only be invalidated by the fact of a four-hour candle closing below the level of 0.6687. Accordingly, I expect the EUR/GBP pair to rise from the current level of 0.8708 to the resistance at 0.8770, from where a reversal to the downside can occur.
