The choppy consolidation in EUR/GBP continued this week, having recovered most of the previous weeks losses as it trades at 0.8360 ahead of the NY close this Friday, up from 0.8314 at the weekly opening.
"The bearish outlook for EUR/GBP since the last update did not follow through, but is not completed invalid neither as the market consolidated (with an upside tilt) during the 3/18-3/23 trading week," comments Fan Yang, CMT, Chief Technical Strategist at FXTimes.
The market technician continues: "A break above this 0.8370 area thus can shelve the bearish outlook. Looking at the daily chart, we see that the structure is still corrective relative to the structure of the bear run since June 2011. Therefore, the bearish outlook is still the preferred one in the intermediate-term, against the short-term/intermediate term corrective rally."
"The bearish outlook for EUR/GBP since the last update did not follow through, but is not completed invalid neither as the market consolidated (with an upside tilt) during the 3/18-3/23 trading week," comments Fan Yang, CMT, Chief Technical Strategist at FXTimes.
The market technician continues: "A break above this 0.8370 area thus can shelve the bearish outlook. Looking at the daily chart, we see that the structure is still corrective relative to the structure of the bear run since June 2011. Therefore, the bearish outlook is still the preferred one in the intermediate-term, against the short-term/intermediate term corrective rally."
