Technical Applications: A Rising Channel, Fibonacci 3 methods, W% Range, Momentum
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| EURGBP DAILY |
In relation with the EURGBP cross, while we mentioned that the pivotal price of 0.8290 is a key level and any price above the 0.8350 will likewise be bullish for the cross in line with a continuing rally for the Euro base on any positive news in Europe. In the Jan 19 market view R1 is at 0.8360, R2 at 0.8441 levels which may meet some pullbacks on a daily session but the extensions would reach its FIB retracement levels of 23.6% and a cross-over on the FIB Fan resistance levels of 50%.
Thus making a probable correction can be made when it registers this prices on the way up. In addition, the equidistant channel resistance and extensions would be the next level where we would find the 0.8441 R2. with the daily technical chart would likewise reach the overbought levels of the Relative strength index. Please refer to market view January 18
The weekly EURGBP cross chart below from the previous week ending the 13th of January shows this signal set-up for the correction. As the inverted candlestick ' Hammer' bar represents that signal, however it is only viewing the weekly formation that its can be identified.
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| EURGBP WEEKLY |
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