Tuesday, September 22, 2015

EUR/GBP: Breakout and pullback pattern on the 4 hour chart

The Euro versus the Pound has formed a breakout and pullback pattern around the 200 period exponential moving average (blue line) on the 4 hour chart, at the 0.7247 level. At the moment, the 200 period moving average is acting as a resistance and the price may try to bounce from that zone to the downside. If the price bounces to the downside, then the 0.7200 level could act as support. However, if the price breaks above that 200 period moving average, then the 0.7284 level may act as resistance.


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