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EUR/GBP: Weekly dark cloud cover suggests possible downside - RBS

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Delhi) – Dmytro Bondar, Technical Analyst at RBS, suggests that the EUR/GBP pair has had more upside after breaking the 0.75 resistance area, which they did not expect, but weekly candlestick charts indicated a potential top formation, as they saw a dark cloud cover pattern.

    Key Quotes

    “It implies that the market may see a local top at the current levels and pull back to 0.75, as resistance is observed at the 0.7624 Fibonacci level.

    A break above 0.7784 cancels the view.”

    RES: 0.7624 0.7784 0.8000
    SUP: 0.7496 0.7367 0.7208

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