The EUR/GBP pair tried to rally during the course of the week, but as you can see struggled at the 0.7875 level resulting in a shooting star. The shooting
The EUR/GBP pair tried to rally during the course of the week, but as you can see struggled at the 0.7875 level resulting in a shooting star. The shooting star of course is a bearish candle, but it was preceded by a hammer. Because of that, it appears that the market will more than likely continue to consolidate in this general vicinity, and as a result we believe that short-term traders are going to be attracted to this market. We most certainly recognize that the downside is much easier to trade than the upside, so we are bearish.
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.
