GBP/USD And EUR/GBP: Pattern Moving Down

we wrote: We are in a 1 month bear trend and with yesterday’s negative candle this pattern looks likely to continue pushing prices lower.

The pair collapsed as predicted hitting all targets as far as strong support at 1.3710/1.3690. Guess) what? We bottomed exactly here.

holding first resistance at 8565/75.

Today’s Analysis

GBP/USD is lower as predicted to strong support at 1.3710/1.3690. We bottomed exactly here. A break below last week’s low of 1.3668 risks a test of the 100 day moving average at 1.3635/30.

Gains are likely to be limited with first resistance at 1.3760/80. A break above 1.3800 however allows a recovery towards strong resistance at 1.3850/60. Watch for a high for the day here.

EUR/GBP holding the next downside target of 8500/8490 so far this week. Obviously this is today’s support level. A break below 8475 however risks a slide to 8450/40. First resistance at 8565/75. Bulls need a break above 8585.

GBP Chart

Disclaimer: No representation or warranty is made as to the accuracy or completeness of this information and opinions expressed may be subject to change without notice. Estimates and projections set forth herein are based on assumptions that may not be correct or otherwise realized. All reports and information are designed for information purposes only and neither the information contained herein nor any opinion expressed is deemed to constitute an offer or invitation to make an offer, to buy or sell any security or any option, futures or other related derivatives.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

This site uses cookies to offer you a better browsing experience. By browsing this website, you agree to our use of cookies.