EURGBP Weekly Technical Chart

Weekly Technical Chart

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EUR/GBP Weekly candlestick chart. Price currently trading at 0.8688 bid at time of writing and remains vulnerable to further moves to the downside. The recent bounce from the 0.8660 region yielded a great short term buy opportunity, and an opportunity to add a short position in the safety of profits from positions at higher levels.

These positions now have to be protected so watching the 0.8660 level with a trigger level at 0.8646 necessary for momentum to pick up for the next move to the downside towards 0.8500. Look to 0.8646 as initial support for this week with resistance at 0.8775 region and where next bear move looks questionable if prices get back up to that level! Overall below the 0.8646 region the market looks set to continue lower towards the overall bear target at 0.8500.

Bias lower to 0.8500 region then reassess. Wary of stops between 0.8646/0.8635 but not much thereafter until 0.8600 figure. Would be concerned if prices return to the 0.8646 region after breaking lower same applies to the 0.8775 region if prices get back to that level today/tomorrow.

Published On Tue, Jan 26 2010, 10:42 GMT

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