What is the major outlook on the Pound Sterling versus the Euro (FX:GBPEUR)? The major outlook is bearish, and apparently there is no way around this bias, for the bear is in power and the bull is morbidly fearful. The fear of the wolf is what will kill the dog.
The downwards trendlines show a bearish outlook, and the RSI period 14 also shows the same thing. It looks as if the price would reverse, but it would turn out to be a temporary rally. As long as the price cannot break the upper trendline to the upside and close above it (and as long as the RSI remains below the level 50), the bearish outlook will be intact. The price is now at 1.1663 and may go down to 1.1063. Each speculator on this planet analyses the same market information for each instrument: a fact that enables you to perceive what other speculators are doing so that you can capitalize on their folly. Only short trades are recommended on the GBPEUR pair. Then give your orders enough leeway to move in tandem with the market, making it ride the bearish pressures, while you safeguard your probable gains.
This article is ended with the quote below:
“Always be ready for the unexpected, worst-case scenario.”- Chris Cashman
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
For more articles, go to: http://www.advfn.com/newspaper/authors/azeez-mustapha
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