EUR/GBP: Major Levels 0.7380 and 0.7354

31 / 12 / 2015 | Technical Analysis
European Session
The EUR/GBP pair has been ranging between the levels of 0.7408 and 0.7349, since the 29th of December 2015.

On Wednesday, the pair initially rose up to 0.7387 and then fall down to 0.7349 to end up forming a hammer. Today, the pair moved on the sidelines between the levels of 0.7379 and 0.7354. In the event where the sellers keep exerting heavy pressures and the price breaks below 0.7349, the pair could decelerate down to 0.7344 and 0.7307 in extension.

Conversely, in the scenario where the price attempts to test yesterday’s highs again and the price breaks above 0.7382, the pair could rise up to 0.7388 and 0.7408 respectively.

Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.


Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66.69% of retail investor accounts lose money when trading CFDs with AFX Capital Markets Ltd. 66.36% of retail investor accounts lose money when trading CFDs with AFX Markets Ltd. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

The Cyprus Securities and Exchange Commission announces that the authorisation of the Cyprus Investment Firm AFX Capital Markets Ltd (‘the Company’), number 119/10, that operate the website is suspended in whole. For further details about the suspension click here.
The Financial Conduct Authority has notified AFX Markets Ltd, FRN: 560872 that must close all open trading positions held by it, whether on its own account or on accounts of its clients by no later than 7 August 2019. For further details click here.