11 Jan 2016

EUR/GBP - FAILING TEST AT 0.7500

EUR/GBP DAILY

The rate closed the last week with an apparent break of the inverse head and shoulders neckline. The price action at the start of the new week, however, indicates the break a possible ''fakeout''.

A daily close below the Friday's open price at 0.7475 would confirm the false brakout and would indicate the rate may be heading down towards the December lows around 0.7000.

A daily close above 0.7500 is needed to invalidate my immediate bearish outlook for the pair.



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