EUR/GBP Weekly Candlestick Chart. Prices got as low as 0.8912, just 12 pips away from the target set out in last weeks technical paper. A nice bounce since then has brought price back to the 0.9000 + region. 0.9040 is currently where the 10 day Moving Average is at and should provide decent short term directional bias.

Technically there is another engulfing candlestick on the weekly chart so nothing has changed and the downside remains the direction of least resistance. View 0.9060, 0.9090 and 0.9130 which = the 30 day Moving Average as important resistance levels. View these regions as possible market entry levels, the latter (if seen) as a major resistance area going forward.

Bias this week is to look for the 0.9060/90 region to work as resistance and then lower to 0.8900.

EURGBP