The EURGBP currency pair on the hourly chart has been in an uptrend since 14 November 2022 when it registered the highest price level of the period under study at 0.87981. At the time of the hourly of the candles' formation is seen that the structure of the EURGBP currency pair was an uptrend swing. At the same time of writing, the price of the EURGBP currency pair is moving around 0.87913 above the “Pivot Point” area.

The record of bullish swing, when attaching the Fibonacci tool from the top price at 0.87981 (100.0%) and dragging it to the bottom price at 0.87273 (0.0%), three pullback prices may be expected above the “Pivot Point” area. The first pullback level is the looked-for price at 0.87711 (61.8%), the second pullback level is the estimated price at 0.87627 (50.0%) and the third pullback level is the awaited price at 0.87543 (38.2%).

After that, the chart analysis shows that buyers control the market and it illustrates bullish movement in the currency pair, linking the next swing with the Fibonacci tool from the top price of the Fibonacci 100% level and dragging it to the bottom price of the Fibonacci 0.0% level, three price targets may be calculated. The first target level is predicted at the Fibonacci 161.8% level. The second target level is forecasted at the Fibonacci 261.8% level. The third target level is hoped at the Fibonacci 423.6% level.

It remains to be seen how much higher the bulls will manage to pull the price of the EURGBP currency pair.

The protective stop loss should be the Fibonacci 0.0% level of the recent swing which helps keep safe your balance.

The article is published for educational purposes. Forex trading involves a significant loss risk and is not suitable for all investors.