EURGBP might correct soon

posted by genuinelyFX at 11/11/2015 - 18:09 GMT


Euro has dropped against the pound for almost a month now, reversing from 0.7493. Right now there is an impulsive move which could see a correction from 0.70 area.

EURGBP H4 data


We had a similar move in April 2014, and we expect the price to do the same from 0.70 support area.

EURGBP hourly data/Apr 2014 analogy



On a daily basis, we see price ranging between 0.75-0.70. A correction could start from this lows.

EURGBP daily data


Weekly, the chart downtrends inside a channel starting from 2008. Even though price touched the lower band, we can still see a move lower long term, possibly to pre-2007 lows around 0.66 area

EURGBP weekly data

Right now, the trend is down. Every bounce could be limited. Trade safe!