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EURGBP






2/16/2016 3:41:52 AM

EURGBP tries to recover again - Technical Analysis - 16-02-2016



EURGBP gave up ground in the short term as traders take profits of the pair's past rises in the medium and short terms, with the overall dominance of the main upward trend along the trend line as shown in the attached chart, while the pair searches for a bottom to bounce off it higher, with ongoing positive support of the SMA50, combined with positive signals from relative power indicators like the Stochastic as shown below the attached chart.

Therefore we expect the pair to rise in the coming trading, especially if it settled above 0.7740, targeting thereafter the pivotal resistance of 0.7897, where the pair formed a previous top in the short term.


Target
Risk


Support
Resistance


Trend Bullish

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