Potential for a long position on EURGBP over the next coming days
Schiff fork touches the edge of the channel, which is the same area where we have had prior bullish signals this year (see candles highlighted) thereby making this a likely area of reversal from the current downtrend that began around this time last month
If the price holds in this outlined area of 0.896 - 0.893 then we will have confirmation of an uptrend from the March/April lows when the 50D SMA crossed above the 200DSMA, and continuation of the ascending channel
Failing this, we will look to the 200D SMA for support, the same area where the pair has found prior support and generated bullish candlestick patterns
Strong resistance found at the 0.917 area
Schiff fork touches the edge of the channel, which is the same area where we have had prior bullish signals this year (see candles highlighted) thereby making this a likely area of reversal from the current downtrend that began around this time last month
If the price holds in this outlined area of 0.896 - 0.893 then we will have confirmation of an uptrend from the March/April lows when the 50D SMA crossed above the 200DSMA, and continuation of the ascending channel
Failing this, we will look to the 200D SMA for support, the same area where the pair has found prior support and generated bullish candlestick patterns
Strong resistance found at the 0.917 area