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Old 01-26-2017, 05:05 AM   Nav to Top 
Superforex
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Daily analysis for the currency pair EUR/GBP on 26.01.2017.

General analysis

Currency EUR / GBP pair continued to decline and during this week, has already dropped for almost 200 points. At the moment, the price of the euro declining versus all major quotes and most likely this will continue at least until the end of this month and possibly even further.

As we predicted earlier the intersection of the price and simple moving average (14) on a daily chart was an excellent signal for sell.

Even given the fact that now is forming a fairly steep downtrend and there is a high probability of correction, sales EUR / GBP is still promising.

Schedule Stochastic indicator to be in oversold zone, indicating a clear advantage of the sellers.

Next few days

We expect a continued of the decline for EUR / GBP at least until the end of January. Target points of profit taking on sales will be the support level of 0.8300.
There is a possibility of formation of correction against the downward movement so given this fact, the most favorable is opening of the position after the correction is over.

By calculating the depth of the correction, we recommend to orient on the Fibonacci correction levels - 23.6%, 38.2%, 50%, 61.8%.

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