Monday, 4 January 2016

EUR/GBP: A Triple Top?




EUR/GBP has been attempting to break above the resistance at 0.7415 – 0.7420 since before the holidays and for the past few weeks managed to form what appears to be a triple top under that level. What is more, the pair also formed a falling star candlestick on the four-hour time-frame. Under these circumstances I think we can expect a move to the downside, possibly towards the support at 0.7312, which coincides with the (MA)89 on the four-hour time frame. However, whether this is the end of the bullish trend remains to be seen.

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