Friday, May 11, 2012

EURGBP Analysis

Current Market Outlook - Bearish

This pair has been on a clear decline for many months. We look to sell upon retracement.

Price appears to be have hit resistance of 0.8495 with a spinning top followed by a bearish candlestick pattern as seen in H4. This coincides with the low 2010.

Entry price would have been 0.80385 with a stop loss at 0.80630. Currently, entry point is still valid since it is only 2 pips away from the entry price. Alternatively, a sell limit at 0.80250 would be possible since the markets are currently closed.

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