EUR/GBP: Weekly dark cloud cover suggests possible downside - RBS

FXStreet (Delhi) – Dmytro Bondar, Technical Analyst at RBS, suggests that the EUR/GBP pair has had more upside after breaking the 0.75 resistance area, which they did not expect, but weekly candlestick charts indicated a potential top formation, as they saw a dark cloud cover pattern.

Key Quotes

“It implies that the market may see a local top at the current levels and pull back to 0.75, as resistance is observed at the 0.7624 Fibonacci level.

A break above 0.7784 cancels the view.”

RES: 0.7624 0.7784 0.8000
SUP: 0.7496 0.7367 0.7208