Previous: EUR/GBP Pops Up from Double Bottom; Testing Channel Resistance (7/25)
EUR/GBP 4H Chart 7/27/2012 11:00 AM EDT
The EUR/GBP price action today (7/27) is confirming a double bottom formed earlier in the week. The rally is also breaking above a declining channel that goes back to June 29th high at about 0.8090.
We do have a short-term resistance pivot at 0.7870. Above that there is a previous support pivot at about 0.7850 and then 0.7980.
There are a couple of speed lines, or trendlines coming down. The sharper one, closest to price action is at about 0.8050, the middle of the May through June consolidation.
It should be noted in the daily chart that the momentum still has bearish bias and the moving averages are still in a bearish alignment.
EUR/GBP 4H Chart 7/27/2012 11:05 AM EDT
Fan Yang CMT is a forex trader, analyst, educator and Chief Technical Strategist for FXTimes – provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.
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