Thursday 16 June 2016

EUR/GBP Formed a Double Top



After almost three weeks of moving to the upside the bullish trend of EUR/GBP seems to be finally exhausted. The pair formed a double top at the resistance at 0.8000, as well as a shooting star candlestick on the four-hour time frame. That is a clear signal for a move to the downside, which has already begun. Currently the pair is testing the support at 0.7900 and should it break below that level I expect a further move to the downside towards 0.7840, which coincides with (MA)89 on the four-time frame again. The long-term target of the move to the downside is around 0.7770, which coincides with the same indicator on the daily time-frame

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