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EUR/GBP rises after six days of falls — Forex Stock Trade




EUR/GBP rises after six days of falls




The EUR/GBP is rising modestly after having fallen in the previous six days. The rally of the pound after the change in the expectations with respect to the Bank of England lost time, favoring a bullish correction.

The pair bottomed on Friday at 0.8773, the lowest level since July 18. Since these minimums are bouncing. Just scored a maximum for the day at 0.8840.

The volatility can continue high in the coming days considering that it comes in the Uk a major speech by the prime minister May on Friday and that the weekend will be held general elections in Germany.

Today the data was the confirmation of a rise of 0.3% in the index of consumer prices in the Eurozone in August.

Panorama

The EUR/GBP lost 500 pips since the highs of late August. The rebound that is taking place seems normal and by now does not involve a change with respect to the dominant trend of short-term is still bearish. Anyway, the recovery of the euro has served to make various technical indicators to move away from extreme levels.

In case you continue recovering, above 0.8840, the resistances can be seen at 0.8865, followed by 0.8905/10. In the opposite direction, the brackets may be located at 0.8795, followed by 0.8770 (at least of last week).



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