EURGBP TRAPPED
For over three weeks we have been watching the EUR/GBP Forex pair when the pair broke out of a mini consolidation area around 0.7305. Price behaved as it should by trading nicely to the upside. This move is largely down to the weakness we have seen in the Pounds.
When the market open this week, we saw pounds leading the way in terms of strength and the EURO counterpart showing signs of continuation to the downside. Technically, the pair also failed to stay above the structural high 0.7495 created on 13/10/2015. Ideally for price to continue upward we would like a momentum break of that zone and price should remain above it, what we can see is the opposite, price have failed to stay above this zone, also price have traded back below the resistance 0.7481 which is like a magnet to the downside for the pair in this price formation.
The call here is short below the 0.7481, and sell every rally below this point. We will target 0.7305 and 0.7280 in extension.
GLT and trade with care.
For more forex update and analysis check out charts247.com
Follow us on twitter @charts_247
When the market open this week, we saw pounds leading the way in terms of strength and the EURO counterpart showing signs of continuation to the downside. Technically, the pair also failed to stay above the structural high 0.7495 created on 13/10/2015. Ideally for price to continue upward we would like a momentum break of that zone and price should remain above it, what we can see is the opposite, price have failed to stay above this zone, also price have traded back below the resistance 0.7481 which is like a magnet to the downside for the pair in this price formation.
The call here is short below the 0.7481, and sell every rally below this point. We will target 0.7305 and 0.7280 in extension.
GLT and trade with care.
For more forex update and analysis check out charts247.com
Follow us on twitter @charts_247
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