FxWirePro: EUR/GBP’s slumps likely to resume back again

Technical Glance and Trade Tips:

Weekly technical charts that have shown continuous down-streak have now been back again. This pair had taken a brief pause while a slight recovery took place from 19th August, bounces from 0.7031 to 0.7420 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 GBP side, the pair continues to flow its long lasting loses and held sturdy in near future. Even if prices remain stagnant or with brackets of 20-25 pips then a likely shooting star is certain on weekly graph.

The convergence on RSI is seen on daily charts as it is trending near 62.6612 levels with a supportive signal from stochastic curve as %D line crossover above 80 levels which is overbought zone. These signals can be attributed as supportive movers for those who expect price slumps; however closing figures on weekly chart should be crucial for long-term decision making.

Trade tips: 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.