{"id":52956,"date":"2014-06-18T09:56:20","date_gmt":"2014-06-18T13:56:20","guid":{"rendered":"http:\/\/countingpips.com\/?p=52956"},"modified":"2014-06-18T09:56:20","modified_gmt":"2014-06-18T13:56:20","slug":"short-positions-unwind-as-eurgbp-rebounds-above-0-8000","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2014\/06\/short-positions-unwind-as-eurgbp-rebounds-above-0-8000\/","title":{"rendered":"Short Positions Unwind as EUR\/GBP Rebounds Above 0.8000"},"content":{"rendered":"<div id=\"inves-2059846279\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">June 18, 2014<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p>Technical Sentiment: <span style=\"color: #008000;\"><strong>Bullish<\/strong><\/span><\/p>\n<p><strong>Key Takeaways<\/strong><\/p>\n<ul>\n<li>U.K. Inflation is at the lowest point since 2009;<\/li>\n<li>Minutes of BoE Monetary Policy does not provide any new information;<\/li>\n<li>Correction could extend higher towards 0.8064.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><em>EUR\/GBP bounced higher during the European session as Sterling bulls are unwinding their positions across the board. The correction is expected to be short lived, so traders should remain on the lookout for bearish signals to sell this rally.<\/em><\/p>\n<p>&nbsp;<\/p>\n<p><strong>Technical Analysis<\/strong><\/p>\n<p><a href=\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/06\/EURGBP-18th-June.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-4253\" src=\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/06\/EURGBP-18th-June.png\" alt=\"EURGBP 18th June\" width=\"700\" height=\"345\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">EUR\/GBP is trading above 0.8010 as the US session is off to a very slow start. The FOMC Statement and Press Conference should stir some action in several hours, but for EUR\/GBP the correction should play out nonetheless.<\/p>\n<p style=\"text-align: justify;\">On Monday the pair bounced off 0.7960, an old support line dating back to April \u2013 November 2012. Daily Stochastic is in oversold territory, signaling the formation of a short term low and the beginning of a correction. Today\u2019s bar is taking the shape of a Bullish Engulfing Bar. A firm Daily close above the psychological handle at 0.8000 will definitely help the scenario for a bullish correction in the coming days.<\/p><div id=\"inves-1333580744\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<p style=\"text-align: justify;\">The first target for the correction is the pivot zone formed in the first half of June, priced at 0.8064. If sellers don\u2019t appear here, EUR\/GBP might climb even higher toward 0.8157, the main pivot zone for 2014 (currently strengthened by the 100-Day Simple Moving Average).<\/p>\n<p style=\"text-align: justify;\">It is important to underline that the most recent Lower High in the downtrend is at 0.8150. Consequently, the trend remains bearish for now and the preferred strategy is to sell the pair if it rejects off the previously mentioned resistance levels.<\/p>\n<p>*********<\/p>\n<p><em>Prepared by Alex Z., Chief Currency Strategist at <\/em><a href=\"http:\/\/www.capitaltrustmarkets.com\/\"><em>Capital Trust Markets<\/em><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Technical Sentiment: Bullish Key Takeaways U.K. Inflation is at the lowest point since 2009; Minutes of BoE Monetary Policy does not provide any new information; Correction could extend higher towards 0.8064. EUR\/GBP bounced higher during the European session as Sterling bulls are unwinding their positions across the board. The correction is expected to be short [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-52956","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/52956","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=52956"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/52956\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=52956"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=52956"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=52956"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}