Forex Technical Update
Entering the 4/9 Eruopean-US trading session, the EUR/GBP is trading near the 2012-low and support pivot from Jan.6 of 0.8220. The market is at the cusp of signaling bearish continuation. It trades in a downtrend already in the daily chart, trading under the 200 simple moving average, and staying under a declining trendline. The 100, 55, 21, and 8 period simple moving averages are also re-aligning to reflect a bearish trend with the highest period from the top going to the lowest on the bottom.
The weekly chart shows a market that has been declining since July 2011. A bearish continuation opens up the next support pivots at about 0.8140, and then 0.8070, which is the 2010 low, and the lowest price since 2008.
Fan Yang CMT is a trader, analyst, educator and Chief Technical Strategist for FXTimes - provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.
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