Quick look: EUR/GBP could see bullish daily closing

Daily ChartEURGBP D1 (03-15-2016 2222)

  • Repeated rebound from 23.6% Fibo and multiple break above rising trend line (blue) indicates the cross could be heading higher to 0.7328 levels (Feb 25 high)
  • Bullish invalidation is seen only if the bird sees a daily closing below 23.6% Fibo of 0.7705.
  • Watch for daily closing above blue trend line and rebound from the same tomorrow. That would be a strong buy signal.

The bullish chart ahead of Fed tell me two things –

  • Either Brexit sell-off in Cable is about to worsen and/or
  • Fed is likely to come out hawkish, leading to a bout of risk aversion that shall keep EUR on a front foot against the British Pound

 

 

 

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