The EUR/GBP pair broke higher during the course of the day on Wednesday, but found the 0.7875 level be far too resistive. Ultimately, the market ended up
The EUR/GBP pair broke higher during the course of the day on Wednesday, but found the 0.7875 level be far too resistive. Ultimately, the market ended up forming a shooting star which of course is a very negative sign it is significant resistance barrier. If we can break down below the bottom of that shooting star, we are sellers as we believe the Euro continues to struggle overall. We think that the market would then head down to the 0.7750 level, essentially continuing the consolidation that we have been in for some time.
EUR/GBP Forecast October 9, 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.
