FxWirePro: EUR/GBP’s slumps likely to continue; major downtrend still remains intact

Technical Glimpse and Trade Tips:

EOD technical charts have shown down-streak has now continued back again that had taken a brief pause while a slight recovery took place on last Friday's bounces from 0.7005 to 0.7096 levels. Intraday sentiments are bearish bias and leading indicators fortify these downswings with downward convergence. Things seem like taking track back onto its usual business on euro side, the euro continue to freezing its long lasting loses against sterling and held sturdy in early Asian trades today.

The convergence on RSI is seen on daily charts as it is trending near 40.4243 levels with a supportive signal from stochastic curve as %D line crossover near the same levels which can neither be considered as oversold nor overbought zone. These signals can be attributed as positive movers for those who expect price slumps; however closing figures should be crucial for long-term decision making.

On a swing trading perspective, it is smart to sell on rallies, we advocate buying binary delta puts for targets of 20-25 pips. Intraday charts sell signal caused by sharp bearish candles with long real body and RSI curve is also moving in convergence with dipping prices.