30 Nov 2015

EUR/GBP TESTING THE MONTHLY TRENDLINE

EUR/GBP H4

The rate is currently testing a month-long trendline. This happens after it broke a massive symmetrical triangle formation and tested the former support as the new resistance.

My bias is now lower for the pair as long as we are trading below the last week's highs at 0.7085.

A move towards the range lows at 0.6985 is now expected, but a break below this level would indicate the continuation of the broader downtrend and we should be looking for the triangle breakout targets at 0.6660 and 0.6405.




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