Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Daily Forex Update For December 13: EUR/GBP

Published 12/13/2018, 07:18 AM
Updated 03/09/2019, 08:30 AM

EURGBP 1 Week

EUR/GBP continues to fall inside the hourly Falling Wedge chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Falling Wedge at the 7-bar level – which reflects the slow Initial Trend (2 bars), strong Uniformity (8 bars) and near-maximum Clarity (9 bars). EUR/GBP is expected to fall further inside this Falling Wedge – in line with the earlier downward reversal from the major resistance area highlighted below.

EURGBP 47 Candles

As can be seen from the weekly EUR/GBP below, the top of this Falling Wedge formed when the pair reversed down from the strong resistance area located between the key resistance level 0.9100 (multi-month high from August) and the upper weekly Bollinger Band. If the price closes this week near the active levels it will form the weekly Falling Star. The proximity of this resistance area increases the probability EUR/GBP will continue to fall inside this Falling Wedge.

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.