07.07.201405:20 Forex Analysis & Reviews: Forecast of EUR/GBP for July 07, 2014

Long-term review

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EUR/GBP

The pair made a double bottom in the weekly chart at 0.7918 as of now in Asia's session. The pair made a low at 0.7918 during last week's session and is holding above that. Currently, the pair is trading at 0.7923 levels. On the down side, if it breaches the low at 0.7918, it can extend its fall up to 0.79-0.7886, 0.7788-0.7757 (200-monthly Ema and previous swing low). On the upper side, it has a resistance level at 0.7972 and 0.8034 levels and the 2013 support trend line became resistance. The bulls need to breach 0.8034 to spike to 0.8157 levels.

We recommend to sell only below 0.7918, or risky traders can buy with sl 0.7918 for targets 0.7935, 0.7958, 0.7972 and 0.8034 levels. Sell below 0.7918 with targets 0.7886, 0.7932, 0.7790 and 0.7757. We can see a strong momentum above 0.7935 levels. The RSI and Stochastics favor limited downside/pullback from the oversold levels.

Sell only below 0.7918.

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