EUR/GBP: Trend?
Much like EURUSD and GBPUSD.Jt was the Weekly Key Reversal Up three weeks ago that has set off a chain of events. In this case it was the move up over the recent 50% Fib at 0.8793, the Medium MA (currently 0.8810) and most recently this past Friday over the important 50% Fib of the Oct - Dec 2016 move at 0.8834. This last one is a single close so far but it would not be unreasonable to try to look for a second consecutive close. However, the Bearish pressure will still be on not just because we have a whole back catalogue of resistance from where we are till 0.8910 and then again till 0.8970 but that we have some fast approaching Bearish
pressure in the form of the Aug 2017-to-date Downtrend (currently 0.8861) and this one has pedigree - it halted the previous rise in Mar. Closely allied to this is the Long MA resistance (currently 0.8876). So...it would be reasonable to perhaps see a try a little higher but as we are between the Medium MA support and the Long MA resistance then we could be seen as currently being Neutral within a range. The MAs tell a similar story - one up, two...sort of...down and one sideways as does the bullet point above. The only thing that is making this look relatively Bullish is the Mar - May Reverse H+S...a small one but not insignificant. I've placed the ' X ' at the potential for such a move at about 0.8960 just in case.
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