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EUR/GBP Forecast August 31, 2015, Technical Analysis

By:
Christopher Lewis
Updated: Aug 29, 2015, 05:51 UTC

The EUR/GBP pair initially broke higher during the course of the session on Friday, but found enough resistance above to turn the market back around and

EUR/GBP Forecast August 31, 2015, Technical Analysis

The EUR/GBP pair initially broke higher during the course of the session on Friday, but found enough resistance above to turn the market back around and form a shooting star. More importantly, the weekly candle is a shooting star as well, so if we can break down below the 0.7250 level, we are sellers. We believe that the Euro weakness that we’ve seen in the EUR/USD pair will also come into play, while we formed a hammer in the GBP/USD pair on Friday which of course signifies that the British pound might get a little bit of a bounce. In other words, a move lower makes complete sense.


 

EUR/GBP Forecast August 31, 2015, Technical Analysis
EUR/GBP Forecast August 31, 2015, Technical Analysis

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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