By Anton, ForexYard – The EUR has dropped significantly versus the GBP in the last week, and it is currently trading around 0.8730. And now as evident in the data below, the 4-hour chart is giving bullish signals, indicating that the EUR/GBP pair might go up. Forex traders can take advantage of this impending movement by having their Entry Orders in place to capture this reversal.
• Below is the 4-hour EUR/GBP chart by ForexYard.
• The technical indicators used are the Relative Strength Index (RSI), Slow Stochastic, and Williams Percent Range.
• Point 1: The Relative Strength Index (RSI) signals that the price of this pair currently floats in the over-sold territory, indicating upward pressure.
• Point 2: The Slow Stochastic indicates a bullish cross, signaling that the next move may be in an upward direction.
• Point 3: The Williams Percent Range is testing the near lower border at the -100 mark, which merely highlights some added upward pressure.
EUR/GBP 4-Hour Chart
Forex Market Analysis provided by Forex Yard.
© 2006 by FxYard Ltd
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