EURGBP Trade Idea – Monday, February 17th

We saw some violent moves in the British Pound which opened up some great trading opportunities. The EURGBP is currently bouncing off support and should it be able to maintain current levels we could see a reversal rally fueled by short-covering. This may lead to the EURGBP trading above 0.8300 and a breakout could open the way higher to 0.8500. Take a look at the charts and see what you think about it.

The EURGBP has dropped close to the 0.8600 level, which could act as support. a bounce to the upside may cause the 0.8700 level to act as resistance.