- The most recent false breakouts above the PP bring more selling pressure on EUR/GBP!
EUR/GBP may drop further after testing and retesting the Pivot Point (0.8784) level. Its failure to reach the 0.8800 psychological level signals high selling pressure in the short term. The Pound has appreciated versus most of its rivals, so it could increase versus the Euro as well.
The pair is on a declining path, is trapped below strong resistance levels, upside obstacles, indicating an imminent decline. GBP has gained strength after the BoE as the monetary policy was left unchanged in the last meeting.
EUR/GBP Sell-Off In Cards!
EUR/GBP registered a minor rebound, testing and retesting the Pivot Point (0.8784) and now it could drop deeper. Failing to stabilize above the PP makes the pair attractive for sellers.
I’ve said in my previous analysis that the outlook will remain bearish as long EUR/GBP stays under the descending pitchfork’s median line (ML). Dropping and closing below 0.8738 represents a short signal.
Sell the drop below 0.8738 level and use the 0.8700 and the S2 (0.8670) as downside targets. Technically, EUR/GBP could be attracted by the lower median line (LML) after its failure to come back towards the median line (ML).
The material has been provided by InstaForex Company – www.instaforex.com
🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.
As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.