Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

EUR/GBP Bounces Lower - Potential Right Shoulder

Published 05/17/2016, 06:46 AM
Updated 07/09/2023, 06:31 AM

EUR/GBP Daily Chart

EUR/GBP DAILY

As predicted last week (for the full set up watch the video here), the rate has started trading lower after a test of the former head and shoulders neckline as the new resistance.

This works as an indication that we may indeed be seeing a right shoulder of the larger head and shoulders formation.

At the moment the rate is trading around the rising gap support at 0.7830, and a daily close below this level should open up a way to April lows around 0.7740 and the potential head and shoulders neckline at 0.7700.

Only a break above 0.7930 would invalidate my immediate bearish bias for the pair.

Original post

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.