This could be very awkward in the next 24 – 48 hours for EUR/GBP as I am writing this ahead of the result of the Greek Referendum and choose only to look at the various time series Charts to provide indications based on past action & my TA expertise. Given that, I have tidied up the Daily Chart above somewhat and am mindful that last time I kept the bullet point above mildly bearish because 3 out of 4 MAs were heading down. Despite ending the period higher the case for the MAs still stands and so does the bullet point above.
Additionally, I wrote last time ‘Only a high, higher than May’s 1.1465 with at least two consecutive closes over it would alter the bullet point above into neutral whilst bullish would need two consecutive closes over the Long MA (currently 1.1821).’ and this is still valid though the Long MA is currently at 1.1605.
I would also like to point out the following, though the Monthly Chart has a Bullish Harami Pattern, on the Daily Chart above we have a failed Key Reversal Up from only a week ago plus the Jun high did NOT reach the May high though against that the lows have been moving higher. Currently the Medium MA (currently 1.1039) is holding the market up with the recent 50% Fib at 1.1127 as immediate resistance.
In many ways this is exhibiting an Indecisive market patterning but I then refer back to the MAs and feel justified in keep the bullet point as is. On the downside, well the previous 61.8% Fib at 1.0841 is still good support but I would add that you would need to initially target the May low at 1.0818 to trigger further bearishness and really only consecutive closes below the support band 1.0455 – 1.0492 to push it into full bearishness.
Finally, I note the crossover of Tines, Downtrend & even a 50% Fib between the 14th – 21st of Jul – this may indicate a period of significant market activity. Bullet point stays the same for the moment.
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