The EUR/GBP pair initially fell during the course of the week, but found enough support at the 0.70 level to turn things back around and form a very
The EUR/GBP pair initially fell during the course of the week, but found enough support at the 0.70 level to turn things back around and form a very positive looking candle. This candle looks as if it is a market that’s ready to go higher, perhaps heading to the 0.74 level which of course is the next major resistance barrier. Because of this, we are bullish in the short-term, but do believe that eventually the sellers will reenter this market. With this, we feel that this pair is probably more suited for short-term trading.
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.
