Last week, we wrote about the bearish movement on the EUR/GBP that was triggered by the big head-and-shoulders formation that ended the bullish correction. The biggest fall occurred last Thursday and Friday. Unfortunately for bears, setting new lows was part of creating a smaller inverted head-and-shoulders pattern. Traders managed to create a right shoulder yesterday, after which they broke the black neck line with an upswing. The minimum target of this small formation is marked by the green line, and we can see that it has not been reached yet.
We can also see that this line is close to the red trendline that supports the longer bearish movement. As long as the price stays below this line, the sentiment stays negative, even if the short term signals (iH&S) give minor buy signals.
Major buy signals will be triggered once traders will manage to break the red trendline with an upswing.
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EUR/GBP Gives Hope For Short-Term Buyers
Published 04/30/2013, 07:25 AM
Updated 01/31/2022, 02:45 AM
EUR/GBP Gives Hope For Short-Term Buyers
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