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EUR/GBP Bounced From Its Support

Published 01/26/2015, 07:17 AM
Updated 02/02/2022, 05:40 AM

The EUR/GBP has bounced from its support zone which is driven from the weekly time time frame. The price is still trading below the downward trend line on a 30 minute time frame and this means that the trend is towards the downside. The pair is trading below the 50 day and the 100 day moving average and as long as the price stays below these moving averages, the upward trend could not continue.

The RSI and MACD indicators are both trading in an oversold zone, which means that we may see this new upward momentum to continue for a short while.

EUR/GBP 4-Hour Chart

Important Zone

0.7435-0.7386 Support

0.7730- 0.7693 Resistance

Disclosure & Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.

by Naeem Aslam

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