EURGBP Wave Analysis – 16 August, 2019

EURGBP reversed from resistance area
Further losses are likely

EURGBP previously reversed down precisely from the resistance area lying between the multi-year resistance level 0.9300 (which has been reversing the price from 2016) and the upper weekly Bollinger Band.

If the price closes this week near the active levels it will form the weekly Japanese candlesticks reversal pattern Bearish Engulfing.

EURGBP is expected to fall further and retest the next support level 0.9070 (former strong resistance from 2018).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

Next Fed may not have enough firepower to prevent a recession »

Previous « Platinum Wave Analysis – 16 August, 2019

Published by

The FxPro Tech Analysis Team

Tags: EURGBP

6 years ago

The funeral for Gold has been postponed
The Supreme Court, with its scepticism about the legality of tariffs, has allowed the shiny…
Crypto bulls fail to maintain momentum
Crypto market stabilises after decline; Bitcoin rebounds but faces pressure. Mixed investor sentiment and notable…
Verbal interventions do not help yen
The weak yen and euro boost the USD, as central banks remain cautious and global…