Forex Technical Update

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EUR/GBP

EUR/GBP

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.

EUR/GBP

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.

   

 

 

Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes and IBTrade will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.