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- EUR/GBP Price Analysis: Bulls move in and eye a 61.8% Fibo correction
EUR/GBP Price Analysis: Bulls move in and eye a 61.8% Fibo correction
- EUR/GBP could be on the verge of a bullish correction.
- EUR/GBP bulls eye the 61.8% ratio that aligns with the trendline resistance.
Sterling traded higher against both the US dollar and Euro on Tuesday. The Pound has staged a significant rebound after a seven-day losing streak, but bulls are moving into the EUR/GBP at the end of the US session as illustrated below:
EUR/GBP H1 chart
The price could be on the verge of a bullish correction at this juncture and a move back into the shorts could be on the cards. We have the 50% mean reversion aligned with the prior structure as a meanwhile target to the upside before the bears take on last week's lows while on the front side of the bearish trendline. The 61.8% ratio aligns with the trendline resistance as a higher corrective target near 0.86 the figure.
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