EURGBP suffers from a negative formation – Technical Analysis – 30-10-2015

The EURGBP pair continued to decline after breaking the rising wedge’s support level previously, pushed by the moving average 50, besides negative signals that come by stochastic, to reach the first target of the mentioned pattern at 0.7160, which moves around it now.

Therefore, we expect the pair to decline in the coming period, especially after breaking 0.7160 support and closing below it, to target 0.6990 support as a full target of the wedge pattern.