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The EURGBP Continues To Weaken

EURGBP, Continues, Weaken, Currency Analysis, Currency, Analysis, fx trader, forex

 

The EURGBP has weakened around 500 pips since my last post on this pair back in September 2014 for FX Trader Magazine. Price then was faced with the 2012 pivot support level which it eventually broke on the 12th of January 2015 and when trend traders were offered an entry short into the market.

The weekly chart below shows the break out and the subsequent weakness in price which is now targeting the round number 0.7000 as the next support level. Looking further back into price, the monthly chart is ideal for this, we can see a major support level at 0.6500 and so if price breaks 0.7000, this will be the next area of struggle before targeting 0.6000. Looking at where these support levels are, there is space for a trend to develop and for trend traders to add further positions. Scaling in to positions is an excellent way to make exponential growth on your trading account.

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