EUR/GBP Consolidation Above MA-50; Scope For A Move Towards 0.8715 – ING

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The euro-zone is enjoying signs of economic revival and the UK is still suffering from uncertainty. What’s next?

Here is their view, courtesy of eFXdata:

ING discusses EUR/GBP technical outlook and adopts a neutral bias on a multi-days basis.

“Prices are slowly breaking the horizontal resistance around 0.8630 after successfully consolidated above the bottoming MA-50 line at 0.8597in the past few days. Short-term higher prices are possible, but the daily chart seems to develop a bearish flag formation. This means that there should be upside potential left towards the upper end of this pattern around 0.8715 in the making of a top, just below the declining EMA-200 line at 0.8743,” ING notes.

“A close below the MA-50 line indicates that prices are moving towards the lower end of the potential flag formation coming in around 0.8510,” ING adds.

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Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned the significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.

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