Technical Analysis – EURGBP bearish weekly outlook
November 29, 2013 10:07 am
Sentiment on EURGBP is bearish, after successive lower peaks and lower troughs since February.
The pair is currently at 0.8330 in mid- European session trading on Friday after breaking below the 38.2% Fibonacci level of the move from the July 22,2012 low at 0.7755 to the February 24,2013 high at 0.8814 based on the weekly chart.
Current technical studies show the RSI in bearish territory at 41. The RSI has been steadily declining since late January.
There is scope for a move lower towards the 50% Fibonacci level at 0.8281. This level should provide strong support on a downside move ahead of the next level at 0.8157 – the 61.8% Fibonacci level.
A bounce higher from current levels would target resistance at 0.8565 – the 23.6% Fibonacci level and above this the February high of 0.8814. A weekly close above this level could cancel the bearish scenario.
Sentiment on EURGBP is bearish, after successive lower peaks and lower troughs since February.
The pair is currently at 0.8330 in mid- European session trading on Friday after breaking below the 38.2% Fibonacci level of the move from the July 22,2012 low at 0.7755 to the February 24,2013 high at 0.8814 based on the weekly chart.
Current technical studies show the RSI in bearish territory at 41. The RSI has been steadily declining since late January.
There is scope for a move lower towards the 50% Fibonacci level at 0.8281. This level should provide strong support on a downside move ahead of the next level at 0.8157 – the 61.8% Fibonacci level.
A bounce higher from current levels would target resistance at 0.8565 – the 23.6% Fibonacci level and above this the February high of 0.8814. A weekly close above this level could cancel the bearish scenario.
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