13 Jan 2016

EUR/GBP - A DOUBLE TOP IN THE CARDS?

EUR/GBP H4

The rate is still struggling with finding a strong daily close above 0.7500 level and on intra-day charts shows strong resistance at 0.7550.

My bias is still bearish as long as we are trading below this level.

At the moment it seems the rate my be working towards a double top pattern with the neckline at 0.7450. A break below this level would indicate the rate is not ready to break higher triggering the larger inverse head and shoulders pattern and may take the rate down to 0.7300 level with a possible continuation for the 2015 lows around 0.7000.




INVERSE HEAD AND SHOULDERS PATTERN ON DAILY CHART





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