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forexTrdr EURGBP- BEARISH DIVERGENCE HEADING FOR 400 PIP DROP?

FX:EURGBP   Euro / British Pound
Afternoon traders,

Smashing the trades out today with G20 out of the way and the start of a new month there is some great setups lining up. Euro versus British Pound being one of those with a bearish divergence forming on RSI . As you can see in our trading view chart RSI has been forming lower highs at the same time as price action was forming higher highs. This has now topped out around 0.89935 and has, since Friday, formed a series of 3 lower highs and lower lows. Volumes have also peaked suggesting that the market has ran out of steam to run higher from here.

We have also highlighted all of the relevant support levels that may prove sticky on pricing before the pair head back down towards low 0.87 area and potentially retest May levels of 0.85.

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Good luck trading

from the Team at forexTrdr
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