|EUR/GBP : Still moving on the upper band of its bearish channel|
|The pair EUR/GBP continues to move on the upper band of its medium term bearish channel (purple lines).|
We advise to traders to trade the pair according to the key level at 0.79:
- Only short positions below 0.79. At this moment, if the price stay below 0.7875, that will comfort our bearish feeling. The breakouts of 0.7850 and 0.7825 will both give a new sell signal and will open the way towards 0.78.
- Only long positions above 0.79. The breakouts of 0.7925 and 0.7950 will both give a new buy signal.
Analysis published by Vincent, the 08/20/2012 at 10h00 GMT+2
Updated the 08/27 - The pair EUR/GBP took support last week on the upper band of its medium term bearish channel (purple lines). Then, the breakout of 0.79 gave us a buy signal. Currently, the price is testing a pullback on this level as support.
In h1, a bullish channel seems to lead the movement and go for a pursuit of the bullish movement. We continue to advise long positions as far as 0.7884 is support. The breakout of 0.7925 will give a new buy signal and will open the way towards 0.7950.
In case of return below 0.7884, a sell signal will be given. We will then advise to trade only short positions.
|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|