After
EUR/GBP broke below the support at 0.8630 which coincides with the (MA)89
indicator on the daily time-frame the pair continued slowly moving to the downside
for the past several days. Yesterday, however, it reached a support at 0.8500
and after a short period of sideways consolidation during which it formed
several spinning top candlesticks on the four-hour time-frame it bounced off
that level and started climbing. Currently the pair is testing the resistance
at 0.8550 – 0.8560 and a breakout above those levels could lead to a further move
to the upside towards 0.8630, which from a support level will have turned into
a resistance one.
Downtrend still in place.
ReplyDeleteIt seems to be forming the bottom of a parabolic curve.
ReplyDeleteGreat analsyis, as usual!
ReplyDeleteCorrection in the downside territory.
ReplyDelete