EUR/GBP: correctional move is needed!

Feb 7, 2022

As it can be inferred from the chart, last week's heavy GBP fundamentals managed to push the price up by almost 200 pips. After an impulsive move, a correctional move is definitely needed. We are patiently waiting for the price to tap the area of 0.84700 resistance once again, before it can start pushing to the downside. When a valid top is formed, we will be opening short positions and aiming for the area of 0.838, which is a previous zone of resistance now turned support that lines up with 50% Fibonacci retracement level.