TheBanker
Short

#RoadtoMonaco - EUR/GBP August 1st 2016

FX:EURGBP   Euro Fx/British Pound
SUMMARY:
The EURGBP             pair bounced slightly during the course of the day on Friday, using the 0.8416 level as support. At this point in time, the market is looking bearish . The primary trend of EURGBP             is bearish on charts and price is trading below its support trend line in its hourly chart. In its daily chart the price is sustaining below 50 day SMA that are appears on the above image indicating downtrend of the pair. It is having an important resistance at the level of 0.8458 Support at the level of 0.8416. If it breaks its support level on the downside and sustains below it then we can expect it to show further bearish movement in the pair.

INDICATORS:-
MACD is sustaining in its negative territory indicating the bearish trend in the pair.
RSI is sustaining in its selling zone indicating the upcoming negative trend in the pair.

STRATEGY:
EURGBP             is looking bearish on charts for next few trading session. One can go for sell on higher level strategy for this pair for intra day to mid term positions in it.



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Comment: as planned so far
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false breakout
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Gino TheBanker
You don't think the rate cut would alter this view?
Reply
no reason to change outlook, cut was already priced in/expected
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