EUR/GBP Technical Analysis (Euro / British Pound)

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February 5, 2013 12:57 AM EST

Updated the:
EUR/GBP : Breakout of the bullish slant

Sentiment :



--- Follow up analysis ---
The pair EUR/GBP made last friday a powerful bullish rally.
The price has validated the upward breaks of 0.86 and 0.8650, offering us new buy signals.
This rally was stopped on the next major resistance located at 0.87.
This morning, the price is currently falling and validate a return below 0.8650.
The pair is still away from itsshort term bullish slant (purple line on charts).

I advise traders to trade only long positions as far as the price is above 0.86.
A return above 0.8650 will strengthen this bullish sentiment.
A break of 0.87 will give a new buy signal for an extension bullish movement towards 0.88 or higher if this level is also broken.

In case of return below 0.86,  then I will advise traders to wait a break of 0.8550 (breakout of the short term bullish slant) before trading short positions.
Full analysis

Analysis published by Bruno, the 02/04/2013 at 11h00 GMT+2

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