The EUR/GBP pair initially fell during the course of the day on Friday, but found more than enough support below the 0.70 level to turn things back around
The EUR/GBP pair initially fell during the course of the day on Friday, but found more than enough support below the 0.70 level to turn things back around and form a hammer. This hammer is the third in a row, and we feel that the market will more than likely bounce from here. The 0.72 level above is resistance, and as a result we have no interest whatsoever in buying this market for any real length of time. Short-term scalping opportunities may present themselves, but we think is much easier to simply sell this market from higher levels.
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.
