XM - Analytics

XM

567.50 7.00/10
70% of positive reviews
Real

Technical Analysis- EURGBP keeps downside bias in lower Bollinger Band

On Monday EURGBP dipped below the key 0.7000 level for the first time since November 2007 and touched a low of 0.6987. It has since recovered and bounced to a high of 0.7167. The trend has been neutral after the decline from 0.8037 (November 2014) to 0.7013 (March 2015).

EURGBP is trading in the lower Bollinger Band and the intra-day bias is to the downside. RSI is below 50 and supports the bearish bias. A break below 0.6987 would see a resumption of the downtrend that started from the fall from 0.8037.

Resistance lies at the middle band around 0.7210 and a break above this would weaken the downside momentum and keep the market in a neutral trend.

Risk Warning: Forex, Commodities, Options and CFDs (OTC Trading) are leveraged products that carry a substantial risk of loss up to your invested capital and may not be suitable for everyone. Please ensure that you fully understand the risks involved and do not invest money you cannot afford to lose. Please refer to our full Risk Disclosure.



To leave a comment you must or Join us


By visiting our website and services, you agree to the conditions of use of cookies. Learn more I agree