|EUR/GBP : An ascending flag on the short term|
The pair EUR/GBP is still moving into its medium term bearish channel (purple lines) and just shaped an ascending flag in h1 (blue lines). Lastly, the pair found resistance on 0.79 and just felt to find suport on one of the midline of its bearish channel.
Between 0.7850 and 0.79, we will stay neutral. We advise to wait an exit of this range to take position:
Traders with a most agressive strategy could trade the pair according to 0.7875 (long above and short below).
Analysis published by Vincent, the 08/03/2012 at 9h30 GMT+2
Updated the 08/07 - The ascending flag seems to be in fact just a short term bullish channel. The return above 0.79 offered a buy signal on the pair. The price is currently testing the resistance at 0.7950 but is now moving above its two channels.
We advise to trade only long positions as far as 0.79 is support. The breakout of 0.7975 and 0.80 will both give a new buy signal for a pursuit of the bullish rally.
In case of return below 0.79, a sell signal will be given.
|Complete sheet of the pair EUR/GBP - Previous EUR/GBP Analysis|
|Chart of the pair EUR/GBP - Timeframe 1H|
|Chart of the pair EUR/GBP - Timeframe 4H|
|EUR/GBP Live Chart - Timeframe : 4h|