EURGBP tests cloud base

April 17, 2015

EURGBP is being capped by the daily Ichimoku cloud which is acting as very strong resistance. The last time the market was above the Ichimoku cloud was in December 2014. Since then the bias has been strongly bearish and prices reached a 7-year low of 0.7013 in March 2015. There was an attempt for a recovery to 0.7384 before falling back down due to the cloud resistance. RSI is back below 50, so this is a bearish signal.

The market has retraced 50% of the upleg from the 2015 low at 0.7013 to 07384 and is currently trading just above this level of 0.7197. A sustained break below the 61.8% Fibonacci at 0.7151 would strengthen the downside bias to see a full retracement back to 0.7013.

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