The EUR/GBP pair initially fell during the course of the day on Monday, testing the 0.71 level. Ultimately, that level will cause quite a bit of support,
The EUR/GBP pair initially fell during the course of the day on Monday, testing the 0.71 level. Ultimately, that level will cause quite a bit of support, and as a result we formed a hammer. With this, if we break above the top the hammer we think it is a short-term buying opportunity but we also recognize that a rally could lead to a resistive candle above that we can sell. Ultimately, the one thing you can count on in this particular pair is volatility to say the least. We are keeping our position sizes small.
EUR/GBP Forecast November 3, 2015, Technical Analysis
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.
