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.
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.
