EURGBP: Near its bottom. Long term Buy.

EURGBP is consolidating under the 1D MA200 for the 11th consecutive day which keeps the 1D time-frame near neutrality, despite the marginally red technical indicators (RSI = 43.260, MACD = -0.003, ADX = 36.781). This is a standard bottom formation and since the 1D RSI is rising after hitting the Channel's bottom, the signal gets stronger.

The standard rally inside this Channel Up that extends for more than 1 year, is +5.00%. We are extending our downside tolerance, assuming a potential bottom on the HL of the Channel Up, so taking a +5.00% rise from there gives us a bullish Target marginally over the 0.618 Fibonacci level. Our TP is 0.90200.

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