EUR/GBP Returns Bearish After Slight Retracement

2 min read
Davin Wu

Davin Wu

Market Analyst and Educator

Dear Traders

The EUR/GBP has been in a downtrend since the start of August and is poised to continue it’s bearishness after completing retracement.

The POC zone is 0.9088-98 [D H3, 4/8, W H3, Historical Support Turned Resistance]. We can also spot a bearish divergence of price and the ecs.MACD oscillator contributing to the possibility of an upcoming bearish move. A bearish divergence happens when price makes a higher high, but the oscillator makes a lower low.

Targets are 0.9033 [D L3, W L3, 0/8, ATR Projection Low, Previous Swing Low] with potential to hit 0.8979 W L4 level with strong momentum.

Any candle close above 0.9110 invalidates this analysis.

 

The analysis has been done with the
CAMMACD.MTF template.
For more daily technical and wave analysis and updates, sign-up up to our ecs.LIVE channel.
Many green pips,
Davin Wu aka AmbitionFX

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