EUR/GBP: Break Above Trend-Line
Forex4you | Jun 30, 2015 06:52AM ET
The EUR/GBP pair sold off sharply, falling below a key support line and eventually finding a low in the 0.69s. Following yesterday's unprecedented rise by the euro, however, the pair rotated and pushed higher back up to its current level in the 0.71s.
During this unprecedented recovery, the pair actually broke above a key trend-line. It has since pulled-back and formed a hammer candlestick on the trend-line. There is a possibility this could indicate it is about to move higher again, and rise back up to a target for the break at 0.7203. For confirmation, I would want to ideally see a break above the 0.7166 highs.
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