EURGBP Technicals
A false break to one side of a structure often triggers an extended move in the opposite direction.
Sure enough, EURGBP bounced right from (new) trend line support near 0.9050 last week.
But buyers failed to close the pair above 0.9100.
That’s the resistance level I pointed out last week.
For the week ahead, I’ll be watching to see if buyers can close EURGBP above 0.9100, followed by 0.9150.
Do that, and I think the market is headed toward 0.9300.
On the flip side, a daily close below 0.9050/70 would signal weakness and negate the entire idea.
Sure enough, EURGBP bounced right from (new) trend line support near 0.9050 last week.
But buyers failed to close the pair above 0.9100.
That’s the resistance level I pointed out last week.
For the week ahead, I’ll be watching to see if buyers can close EURGBP above 0.9100, followed by 0.9150.
Do that, and I think the market is headed toward 0.9300.
On the flip side, a daily close below 0.9050/70 would signal weakness and negate the entire idea.
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