EURGBP

EURGBP is showing signs of a growing bearish sentiment over the coming weeks.

A pin bar has formed on 10/01/2016 which shows a bearish rejection of the 50% Fibonacci resistance along with a rejection of the descending CTL. This daily rejection is also a rejection of the level at 0.8670 which is a place where the pair has rejected before.

While the price is above the Daily MAs as well as in a longer term uptrend, I firmly believe that the selling pressure is increasing. A break and retest of this ascending TL would offer a number of possible short entries which I will be monitoring over the coming days and weeks.