EURGBP inched lower as planned

Wrote yesterday, “EURGBP still aiming to inch lower” depending on all negative signs appeared over daily studies and we should have been able to clear 0.7200 psychological.

The EURGBP pair has moved aggressively to the downside after clearing the previously mentioned support, which acts as an interim resistance.

eurgbp-fxcomment-17-06-2015-technical analysis

Actually, RSI14 faces a momentum support, but we do believe that, it will breach it due to the strength of the bearish trend appearing clearly on Aroon.

All in all, the bearishness remains favored over intraday and short-term basis and a breakout below 0.7135 –Fibonacci of 76.4%- of the last upside wave from 0.7055 to 0.7389 will accelerate.

Finally, traders can now move their stop loss to the entry point.

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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