EUR/GBP: Daily
Trend traders, huddle up! EUR/GBP is currently testing the long-term falling trend line seen on its daily forex chart and may be due to resume its downtrend soon. The pair has pulled up to the 100 SMA, which has also been acting as a dynamic resistance area recently, while stochastic has just reached the overbought zone. The oscillator hasn’t quite crossed down yet so there may be a bit of buying pressure left. If the .7950-.8000 psychological levels hold as a ceiling, EUR/GBP could fall back to its previous lows around the .7750 area or perhaps create new lows.
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