The EUR/GBP pair initially fell on Wednesday, but found enough support to turn things around to form a hammer. The hammer of course is a bullish sign, so
The EUR/GBP pair initially fell on Wednesday, but found enough support to turn things around to form a hammer. The hammer of course is a bullish sign, so I think we could get a bit of a bounce from here. However, we are starting to make lower lows, so I believe that somewhere near the 0.85 level should be resistive action just waiting to happen, and I will be a seller when it happens. Alternately, if we can break down below the bottom of the candle for the session on Wednesday, I think that the market will then reach to the 0.83 level below. I don’t have any interest in buying.
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.
