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    EUR/GBP: bearish candlestick pattern on weekly chart

       
    The EUR/GBP pair has been in a broad long-term down-trend.

    In March it formed a temporary low and started pulling-back. On the weekly chart it corrected back into the 10 and then the 20 moving averages, and has just formed a dark cloud cover bearish candlestick reversal pattern.

    This could indicate the correction is over and the pair is about to resume its down-trend. A break of the dark cloud cover lows at 0.7224 – a level already under attack as I write – could provide the necessary confirmation of a move down, with a long-term target at 0.6960.
    EURGBPWeekly11

       
    The EUR/GBP pair has been in a broad long-term down-trend.

    In March it formed a temporary low and started pulling-back. On the weekly chart it corrected back into the 10 and then the 20 moving averages, and has just formed a dark cloud cover bearish candlestick reversal pattern.

    This could indicate the correction is over and the pair is about to resume its down-trend. A break of the dark cloud cover lows at 0.7224 – a level already under attack as I write – could provide the necessary confirmation of a move down, with a long-term target at 0.6960.
    EURGBPWeekly11


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