EUR/GBP Closing in on Channel Base Support
01 December 2011
WEEKLY CHART:
Earlier this year resistance from the underside of an old triangle held nicely.
Since then note how the old falling return line has been providing ‘support' for the move back down.
DAILY CHART:
The sometimes choppy downmove that followed the early Jul high has now closed in on possible support from the bull channel base at 0.8470.
We hold a bear stance in the Commodity Specialist Guide and a clear breach of this would reinforce the bear argument.
Temporary support could then be seen from a lower bear channel base projection around 0.8355 just now, but lower targets would also be called for.
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Gold Currently Holds Above Main Support Line