Morning Insights 6th September

Simon Alagbe


Instrument: EURGBP

The pair traded to the downside on Friday. The movement was necessitated by the failure of the pair to close outside the 0.85901 resistance zone but was firmly held by the 0.85606 support zone. The pair is currently re-approaching the support zone (as at the time of writing this piece) and is expected to rebound off the zone in the absence of key economic data from the two major economies from the eurozone. 


The pair trades above the 21 EMA on the daily chart and close to 0.85606 support zone on the hourly timeframe. I expect the bulls to dominate sentiment on the pair today, with the target close to the recent high on H1 at 0.85901 and stop-loss at 0.85394. 


No major economic data is expected to be released today

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