The EUR/GBP pair broke to the upside during the course of the week, but found the 0.8050 level to be far too resistive to hang onto the gains. Ultimately,
The EUR/GBP pair broke to the upside during the course of the week, but found the 0.8050 level to be far too resistive to hang onto the gains. Ultimately, we ended up forming a shooting star, and then it now appears that the market is sitting on top of the 0.7875 support level. We believe that ultimately this market will break down and head to the 0.7750 level, and then possibly even lower than that. On the other hand, if we get above the 0.8050 level on a daily close, we could very well head to the 0.81 handle.
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
