EUR/GBP momentum shift

FX:EURGBP   Euro / British Pound
39 0
The EUR/GBP has been in a sustained down-trend for a long time now. With a clear directional bias to the downside, we're looking for technical formations such as the current one. We have a clear impulsive move to the downside with big selling candles and almost no buying ones, followed by a more corrective move back to the 50% retracement level. Additionaly, we're looking at overbought levels on the slow stochastic . We're looking for confirmation in the form of a breakdown of the ascending price trend-line, the RSI trend-line and the 50 SMA .
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