FxWirePro: EUR/GBP technicals of all timeframes moving in tandem, major downtrend seems intact

Technical Glimpse:

As the saying this way "history repeats always", EURGBP holding stronger at 0.7010 at which the price behavior was similar in many times in the past (see circled areas where the moment price touches 0.7010 & sharp bounces were seen at that juncture).

However, we cannot afford to gauge this as trend reversal but a mere consolidation.

EOD technical charts that have shown continuous down-streak took a brief pause to get supported, as a result we are seeing slight recovery from 0.7010 to 0.7019 levels.

But there is no substantiation from other leading indicators except stochastic which has shown a slight buying pressures but not beyond 0.7075.

We predict intraday sentiments are bullish only up to 0.7475.

One would certainly understand if weekly and monthly chartings are plotted as to how the bearish technical indications moving in sync with price declines.

There exists a cleat convergence on RSI is seen on daily, weekly and monthly charts with a supportive signal from stochastic curve as well, %D line crossover has been maintaining consistently except on daily charts which can be considered selling pressure is still intensified.

Trade Tips: The euro continues to flow its long lasting loses against sterling and GBP to hold sturdy as there nothing dramatic happening on weekly or monthly plotting.

So we believe, things seem like taking bearish track onto its usual business on GBP side.

These signals can be attributed as positive movers for those who expect price slumps; however small bounces can used for fresh short build ups.

On a swing trading perspective, it is smart to sell on rallies, we advocate buying binary delta puts for targets of 20-25 pips.