EUR/GBP: Upward Bias Strong
AvaTrade | Nov 25, 2015 04:49AM ET
The EUR/GBP pair has broken its downward wedge pattern towards the upside on a 4 hour time frame. This confirm that the downtrend is no longer in play and the bias is towards the upside. Moreover, the price has also moved above the 50 day shown in yellow and the 100 day shown in red moving averages. This reflects that the bulls are in strong control of the price and as along as the price stays above this averages, the uptrend will remain strong.
The RSI and the MACD indicator are also trading in line with the price action which stipulates that the upward movement does have momentum behind this.
Important zones
0.696-0.6943 Support
0.7154-0.7140 Resistance
Disclosure & 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.
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