17 May 2016

EUR/GBP BOUNCING LOWER - A POTENTIAL RIGHT SHOULDER

EUR/GBP DAILY

As predicted last week (for the full set up watch the video here) the rate has started trading lower after a test of the former head and shoulders neckline as the new resistance.

This works as an indication that we indeed may be seeing a right shoulder of the larger head and shoulders formation.

At the moment the rate is trading around the rising gap support at 0.7830 and a daily close below this level should open up a way to April lows around 0.7740 and the potential head and shoulders neckline at 0.7700.

Only a break above 0.7930 would invalidate my immediate bearish bias for the pair.



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