The EUR/GBP pair initially rallied during the session here on Wednesday, but as you can see pullback from the recent highs and formed a shooting star.
The EUR/GBP pair initially rallied during the session here on Wednesday, but as you can see pullback from the recent highs and formed a shooting star. Because of this, it looks as if the market is going to break down from here but we recognize that there is a significant amount of support just below as well. But in the weekly chart, there is a shooting star so we do favor the downside and it is most certainly with the downtrend. A break below the bottom of the candle, there is the possibility that we had back to the 0.7750 region, but quite frankly we see it as being too messy to be bothered with.
EUR/GBP Forecast October 23, 2014, 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.
