Trade Idea:EUR/GBP - Sell Limit at 85.30 Target: 84.00 ; Stop:86.10
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The royal pair closed negatively yesterday below the initial support levels-turned into resistance at 0.8605-. Consequently, it might retest the broken downtrend line of the descending channel before resuming the bullishness, which is based on the suggested double bottom formation. We are not sure that the above mentioned trend line could assist the pair to consolidate once more as the indicators shows consecutive negative signs. Thus, we need more confirmation and therefore our outlook will be neutral until we see a stable move above 0.8605 zones.
The trading range for today is among the key support at 0.8420 and key resistance now at 0.8720
"P&F
EURGBP1440 Box Size 120X3 or(4.49%) HI/LO
Data 0.9799 - 0.6244
~ 92 Month ~ 2808 Day
Database 2000 records 0.85229 (Last Close)
2002-09-16 00~00
2010-05-25 00~00 (GMT+01:00) Paris
BJF Trading Group MDunleavy chart"
BJF-Trading-Group_Excel_Chart