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
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.
