EUR/GBP Weekly Candlestick Chart. A DB on the short term charts last week played out nicely also with a good shorting position coming in afterwards at 0.9260 that eventually yielded 100 pip +/-. Price action now above the 0.618% Fib level creates a bullish stance with the next viable target at 0.9455. Above 0.9300 cancels the downside for now but see this as temporary while GBP is subject to weakness overall - important support on GBP/USD at 1.5675 (see chart)
Both the 10 and 30 week moving averages also keep the picture positive for now. Level to watch is 0.9455 on a weekly close. Above this for potential target at 0.9590 but only at a stretch!
Bias for now is neutral with a view to watching for strong resistance at 0.9430/55 set in, and a possible position to the downside thereafter. Holding below 0.9300 puts pressure back on the downside with 10 week MA as target.
Weekly Technical Chart
EURGBP Weekly Technical Chart
Tue, Oct 13 2009, 09:02 GMT
by
Gareth Burgess
- Chart-Workshop
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