EUR-GBP : The bearish trend can resume
Date of analysis 04 December 17
- Opinion Short Term Negative
- Resistance 1 0.9GBP
- Support 1 0.86GBP
- Opinion Mid Term Bearish
- Support 2 0.86GBP
- Resistance 2 0.9GBP
Below 0.9 GBP the major trend remains bearish 0.86 GBP and then 0.86 GBP are in the line of sight. The surpassing of 0.9 GBP would cancel this anticipation and favor a recovery toward 0.9 GBP.
The MACD is negative and lower than its signal line. This configuration is damaging the cross perspectives. The RSI is not yet indicating an oversold situation, so a continuation of the fall is technically possible. At less than 20, the Stochastics are extermely low. The volumes traded are more than the average volumes over the last 10 days.
MOVEMENTS AND LEVELS
The cross is oriented to the downside. It is under its 50-day moving average located at 0.89. The 20-day moving average (lower than the 50-day moving average) is maintaining the prices under medium-term sell pressure. Our first support is at 0.86 GBP and the next is at 0.86 GBP; the resistances, located at 0.9 GBP and at 0.9 GBP must be exceeded for the trend to undergo a reversal.