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EUR/GBP Setting Up for Bearish Continuation
Bearish Trend, RSI at 60: EUR/GBP has been bearish since August 2013, from a high of 0.8769. After a year later, we are seeing the EUR/GBP consolidate. after a low of about 0.7875. Traders ended last week holding the pair below a previous resistance pivot at 0.8033. The RSI was also held up at 60. This is a point where sellers might come in an revive the bearish outlook. After all, the bearish outlook is intact, and the daily RSI should hold below 60 if the market is to maintain the bearish momentum. A Bearish Signal is Needed: It is still a bit premature to call a bearish continuation. We might want to see some ... (full story)