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Back to the Well on EUR/GBP (Last Time?)

Back to the Well on EUR/GBP (Last Time?)

Jamie Saettele, CMT, Sr. Technical Strategist

EURGBP is ending the year at long term resistance. If the rate holds up through the end of the week (trading ends tomorrow), then the cross will have rallied for 6 straight weeks which is extremely rare. The implication near term is that the rate pulls back but we’ll be on the lookout for support given the inverse head and shoulders possibility (9+ months formation now).

For official trades, detailed analysis and trading levels for swing traders (weekly and daily charts) and short term traders (intraday charts), visit SB Trade Desk.

Produced by Jamie Saettele, CMT

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.