Chart of the day: EUR/GBP

Blake Morrow Forex Analytix

I think what most traders missed this week about the EURGBP is that the pair actually challenged a slight descending channel support as we hit a new trend low. Daily RSI was divergent suggesting we would bounce and not that we are back above the .8400 level, the risk is for a bounce. From here, a move back above the .8465 level would suggest a move back above the previous support and now 38% Fibonacci retracement which means a move back to the 50dma then 200dma would be a high risk.

Author

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

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