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EUR/GBP forecast for the week of October 24, 2016, Technical Analysis

By:
Christopher Lewis
Published: Oct 22, 2016, 05:00 UTC

The EUR/GBP pair initially tried to rally during the course of the week but turned back around as the 0.90 level above has been so resistive. With this

EUR/GBP weekly chart, October 24, 2016

The EUR/GBP pair initially tried to rally during the course of the week but turned back around as the 0.90 level above has been so resistive. With this being the case, we ended up forming a bit of a negative candle, and with that it looks very likely that the market looks for the 0.87 level below which was massive resistance in the past and should now be supportive going forward. Any type of supportive candle in that area should be a nice buying opportunity, and we should continue to go much higher.

About the Author

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.

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