EUR/GBP Proceeds With Bearish Momentum
Dear Traders,
The EUR/GBP is still bearish. The price is rejecting the POC zone 0.8545-60 and we should see bearish continuation.
A drop below 0.8535 should make a continuation move towards 0.8520. There is a multiple confluence which suggests POC rejection. Trend line, Bollinger Bands, W H4, Bearish Candles and EMA 89 rejection. The target is 0.8519 and below, we should see 0.8490. Only a bounce above 0.8560 could make the trend change its direction.
The analysis has been done with the CAMMACD.MTF template.
For more daily technical and wave analysis and updates, sign-up up to our ecs.LIVE channel.
Many green pips,
Nenad Kerkez aka Tarantula FX
Elite CurrenSea
This article was originally posted on FX Empire
More From FXEMPIRE:
Asian Shares Mostly Lower on Negative Trade Developments; Aussie Market Plunges More than 2%
Gold Price Prediction – Prices Rebound Following Weak ISM Manufacturing Report
Stock Market Overview – Stocks Slide and the VIX Surges as Manufacturing Eases
Reducing Power of US dollar as the World Currency proves to Be Trend
GBP/USD Daily Forecast – Sterling Breaks Consolidation and Rallies to Six-Week High