The EUR/GBP pair fell slightly during the course of the day on Wednesday, but turned around to form something akin to a hammer. What frankly though, we
The EUR/GBP pair fell slightly during the course of the day on Wednesday, but turned around to form something akin to a hammer. What frankly though, we believe that any bounce at this point in time will face a significant amount of resistance above, so this bounce should just simply end up being another selling opportunity above. A resistive candle is exactly what we look for, but we would also be sellers of a break down below the bottom of a hammer as it could drive this market towards the 0.75 level.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
