FxWirePro: Sell EUR/GBP below 0.71684, down trend to resume in the short term
EUR/GBP looks choppy, although the market is set continue its down trend in the short term. Short rally around 0.71750 should be taken as advantage for selling opportunities, but in the medium term the market condition s…
EUR/GBP looks choppy, although the market is set continue its down trend in the short term.
Short rally around 0.71750 should be taken as advantage for selling opportunities, but in the medium term the market condition should present a challenge to traders as both of these currencies are strengthening.
The market will be volatile, due to Eurogroup meeting scheduled later in the day. The Eurogroup will probably try to bring the two parties Greece and its creditors with the intention of breaking a deal. As a result traders should trade this pair with the caution.
GBP is strenthing against Euro due to uncertainty attached to Greece crisis.
EUR/GBP is trading below 0.717000 (23.6 retracement level) which is pivot point.
To the upside, the strong resistance sits near 0.7197 (38.2% retracement level), a break above this level would take it to upside to next resistance level at 0.72201.
Recommendation: Go short below 0.7164, targets 0.71200, 0.71100, SL 0.7197
