EUR/GBP – Rising trend line could be put to test
Thursday’s bearish hammer coupled with bearish daily MACD crossover, bearish 5-DMA and 10-DMA crossover suggests the bears are likely to take the pair down to the rising trend line support seen around 0.88 handle. A daily close below signal would signal medium-term trend reversal.
On the higher side, only a daily close above 0.9030 (Oct 18 high) would signal bearish invalidation and could yield re-test of recent high of 0.9142.
On the higher side, only a daily close above 0.9030 (Oct 18 high) would signal bearish invalidation and could yield re-test of recent high of 0.9142.
