By: Doug Rosen
The EUR/GBP ends the week with a bearish tone. It had appeared to me that it could break out of its range to the upside, however, it now appears that the 5 ema is narrowing on price and could be rolling over tot he downside.
The stochastic is in the overbought zone crossing down on the daily chart. On the 4 hour chart Price has wicked below the 233 ema and has retested and on my hourly chart price has just broken below the weekly central pivot point.
On the 15 minute chart I also see that price has broken below the central pivot point too. The 5 ema is crossing below the other ema's and the stochastic is falling straight down.
This pair has been in a tight range as of lately and is at the very bottom of the range and if it could break the 0.8715 level it could make its way down to 0.8690 .