BabyPips.com FX-Men Team
BabyPips.com
EUR/GBP: 4-hour
Remember that range that we’ve been looking at last week? Well, it looks like the pair did bounce off the .7000 area after all. Right now the pair is having trouble breaking above the mid-range resistance, which is right around the .7200 major psychological handle. Not only that, but Stochastic is also sporting an overbought signal. A stop above the mid-range area could make for a good trade if you think that EUR/GBP is headed back down to the .7000 lows. On the other hand, you could also wait for some momentum higher and go for a long trade if you think that the euro could head for .7450 after lollygagging at its current levels.
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