OctaFX | OctaFX Forex Broker
Open trading account

EUR/GBP Technical Analysis: Bulls struggle to make it through 0.8650-60 supply zone

   •  The cross struggled to capitalize on the recent positive move and once again faltered near the 0.8650-60 supply zone and has now eroded a major part of Friday's goodish up-move to three-week tops. 

   •  The downward momentum dragged the cross further below a three-day-old ascending trend-line support, coinciding with 50-hour SMA, and seemed to be a key trigger for intraday bearish traders. 

   •  Oscillators have been gaining negative traction on hourly charts and support prospects for further weakness, albeit maintained their bullish bias on the daily chart and thus, warrant some caution.

   •  Hence, it would be prudent to wait for a strong follow-through selling below the 0.8600 handle before confirming that the cross might have topped out and positioning for further depreciating move.

   •  Conversely, a sustained move beyond the mentioned barrier would negate any near-term bearish bias and set the stage for a subsequent up-move towards reclaiming the 0.8700 round figure mark.

EUR/GBP 1-hourly chart


Wall Street modestly lower in early trade, financials weigh on DJIA

Major equity indexes in the U.S. started the day virtually unchanged before edging lower in the last minutes. As of writing, the Dow Jones Industrial
Read more Previous

USD/CHF Technical Analysis: The path of least resistance is to the upside

USD/CHF daily chart USD/CHF is trading above the 50-day simple moving average (SMA) and the parity level. As mentioned, the 1.0020 and 1.0035 resistan
Read more Next
Start livechat