EUR/GBP looking to chart a higher trough

Russell Shor, CFTe, MFTA FXCM

Above is the daily chart of EURGBP. Last Thursday the pair charted a swing low (blue upwards arrow). We are assessing if that swing low is a higher trough for the currency pair. If we get a candle close above the green dashed horizontal this will be a potential confirmation of the higher trough. The RSI(9) is above 50 and is indicative of an underlying bullish momentum. The longer it stays above 50 the higher the probability that we will see higher prices ahead for the EURGBP. We reiterate that because of Brexit this pair does carry heightened risk with regards to headlines and caution is advised.

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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