EURGBP Broke Below Channel Support
Currencies / Euro Sep 04, 2017 - 03:29 PM GMTBy: Franco_Shao
After touching the October 2016 high of 0.9305, EURGBP pulled back from 0.9306 and broke below the bottom support trend line of the price channel on its 4-hour chart, indicating that the upside movement from 0.8891 had completed at 0.9306 already. Deeper decline could be expected over the next several days, and the target would be at the bullish trend line on the daily chart now at around 0.9005.
On the upside, as long as the price is above the bullish trend line on the daily chart, the fall from 0.9306 would possibly be consolidation of the uptrend from 0.8313, and further rise towards 0.9400 is still possible after the consolidation.
This article is written by Franco Shao, a senior analyst at ForexCycle.
© 2017 Copyright Franco Shao - All Rights Reserved Disclaimer: The above is a matter of opinion providd for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.
© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.
