EURGBP: Double bottom in progress

EURGBP: Double bottom in progress

By examining the daily chart of EURGBP pair, we can see how the royal pair has been bottomed in the psychological level of 0.7000 traders took the pair towards the key resistance level of 0.7380.

eurgbp-04-05-2015-top

Drawing a higher low in the 0.7115 regions has assisted bulls to take the pair again towards 0.7380-0.7400 regions where the pair struggles to prove tracing a double bottom pattern.

Assessing indicators, Bollinger bands’ upper line is under-attack, while Vortex remains positive. Only, RSI14 may cause some kind of fluctuation, but that may not change the bullishness appearing obviously on the pairs’ movements.

Technical targets of this structure resides in the 0.7750 regions, but the soft technical objective resides at 0.7590.

Amir El Araby

Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

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