Technical outlook and chart setups:
The EUR/GBP pair is trading around 0.7100 at the moment after having bounced back sharply from yesterdays' low of 0.7000. As seen on the daily chart (Monthly presented here for a larger picture), the pair has produced an engulfing bullish reversal candle. It is hence recommended to initiate fresh long positions at current levels with risk at 0.7000. Immediate support is seen at 0.7000 (interim) and lower while resistance is seen at 0.7350/7400 and higher respectively.
Initiate fresh long positions now, stop is at 0.7000, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com