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.
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.
