EUR/GBP Signal - April 29, 2013

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By: DailyForex.com

The EURGBP pair is currently falling below its 0.8455 major support and thus enters a medium term downtrend. In terms of technical indicators, the RSI falls below its neutrality area thus confirming the bad orientation of the pair, just as the MACD displays its first negative histogram. This situation coupled to the crossing of the moving averages at 7 and 20 sessions allows us to anticipate the continuation of the downward movement. Investors will therefore attempt a bearish trade with a stop loss placed above the moving average at 20 sessions.
Direction: Down
Entry: 0.8428
Stop-loss: 0.8520

EURGBP Signal

Maxime Parra has been trading since the age of 18, and he is now in charge of technical and fundamental analysis at BNRY.com and Tmarkets.com. Fascinated by the psychology of financial markets and technical analysis, he is also the head of the “Fédération Sud Finance” and is preparing for the Degree of the Chartered Financial Analyst (CFA) level 1 at the SKEMA Business School. Maxime favors trend following strategies by combining chartist analysis with the use of technical indicators.