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EUR/GBP breaks below 0.7400 and accelerates the decline

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 15, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/GBP continues to retreat and accelerated to the downside during the last hours. The pair broke below 0.7400 and fell to 0.7357 hitting the lowest level since last Friday. It was trading near the lows, still under pressure.

    EUR/GBP materializing a HS formation

    The pair peaked only two days ago at 0.7492, the highest level since February but then turned to the downside, forming a short-term pattern of a heads and shoulders in the hourly chart, with a neckline around 0.7400 – 0.7415. The target of the formation is located around 0.7300.

    The strong reversal (from Tuesday’s highs EUR/GBP has fallen 130 pips) brought the price back below relevant levels weakening the rally of the euro. To the downside, the next key support level is located at 0.7330 (Oct 7 & 9 low) and 0.7295.
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