EUR/GBP- Near Its Support Zone, Will You Trade?
AvaTrade | Dec 22, 2014 04:06AM ET
The EUR/GBP pair is trading in a rectangular pattern on a 4 hour time frame. This confirms that we do not have any confirmation of the trend and the most of the price movement is between the 0.8041 and 0.7766 zone. We do have a little piercing of the Bollinger band however, there is no significant movement, although the price is trading far enough from its 20 day moving average.
The RSI and the MACD are also trading in line with the price action which means that while he price action is making the lower low, the indicators are also confirming the movement.both indicators are also trading near their over some zone but still have not crossed their over region.
Important Zones
0.7767- 0.7793 Support
0.7983- 0.8007 Resistance
Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
by Naeem Aslam
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