EUR/GBP Renewed Momentum

EUR/GBP has been trading to the upside lately. Price today is currently printing a bullish hammer. It might be early to go long the pair yet, it is preferable to monitor the pair to determine how this candle closes for a potential long market entry order up to the 0.91000 resistance area.

Price has recently shown a break out of the long term resistance of 0.888000, this is not quite a retest, however, this price action is currently signaling potential continuation to the upside. If the Euro maintains the momentum we might see the continuation sooner than later.

On the other side, having in mind how much of a rally the Euro posted, it might be considerable to expect a correction to the downside.

Chart: EUR/GBP D1