HomeContributorsTechnical AnalysisTechnical Outlook: EURGBP – Falling Thick Hourly Cloud Is Expected To Limit...

Technical Outlook: EURGBP – Falling Thick Hourly Cloud Is Expected To Limit Recovery

The cross is consolidating on Tuesday after strong fall on Fri/Mon found footstep at 0.8889 (daily Kijun-sen).

Recovery attempts are weighed thick falling hourly cloud (spanned between 0.8937 and 0.8962) which is expected to limit upticks and keep near-term bearish bias in play for fresh attempt towards key support at 0.8855 (16/17 Oct trough).

Daily cloud is widening after twist and weighs along with double-top pattern, which requires confirmation on sustained break below 0.8855 pivot.

Alternative scenario sees lift above hourly cloud as bullish signal which would neutralize downside threats.

Res: 0.8937, 0.8962, 0.9003, 0.9022
Sup: 0.8900, 0.8886, 0.8855, 0.8813

Windsor Brokers Ltd
Windsor Brokers Ltdhttp://www.windsorbrokers.com/
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

Featured Analysis

Learn Forex Trading