EURGBP: SELL
There is a Bearish Confirmation Pattern on the EURGBP chart
as this analysis shows. 2 indicators are used (coupled with price action): the
Simple Moving Average (SMA) period 21 and the Relative Strength Index (RSI) period
20. The price had been going upwards until the last week. The horizontal red
line at the upper side of the chart shows where further rally was rejected. On
December 28, 2012, the price started coming down. That same day, the price
crossed the SMA 21 to the downside and closed below it. At this time too, the
RSI 20 has crossed the level 50 downwards. On January 2, 2013, the price gapped
down significantly, showing strong bearish pressure.
There could be a short trade, with stop loss around 0.83000,
while targeting the price level at 0.75110. At the time of writing this
forecast, the EURGBP was trading at 0.81119.
Source: www.paxforex.com
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