20 Aug 2015

EUR/GBP TESTING THE TRIANGLE RESISTANCE

EUR/GBP H4

The rate is currently testing the upper boundary of the possible symmetrical triangle formation. This level also coincides with the 4-month falling trendline resistance.

The low summer liquidity and the lack of high risk events regarding either economy prefers range trading so my bias is now bearish and I believe we could be seeing a test to the triangle's lower boundary at around 0.6970.

Only a daily close above 0.7160 would invalidate my immediate bearish outlook for the pair.




 

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