The EURGBP tests key support – Forecast today – 2-5-2024

Expected Scenarios

1. The EURGBP price formed many bearish trades recently, to test 38.2% Fibonacci correction level at 0.8530 and form key support against the current trades, as the frequent stability above this support allows us to keep the bullish overview to target 0.8580 level initially, followed by reaching 0.8630 on the medium term basis.
2. Also, stochastic exit from the oversold areas confirms getting rid of the negative pressures, to get the required positive momentum to achieve the previously suggested gains.

Trading Range

Expected trading range for today is between 0.8540 and 0.8580

Trend Forecast

Bullish