Eur/gbp - Trading Strategy, Trigger Points, and Support and Resistance Levels

Eur/gbp - Trading Strategy, Trigger Points, and Support and Resistance Levels


RBS has given the following trading strategy, trigger points, and support and resistance levels:
TRADING STRATEGY (from 28th of June): SHORT here with slightly wider stops above 0.8220 at 0.8240 targets at 0.7951 onto 0.7695.
TRIGGER POINTS:
0.7951 - Annual low so far
0.8223 - Previous significant support level which should now morph into resistance
0.7695 - the 2010 low and longer term objective.
0.8167 - the important 76.4% retracement level from the April June sell off.
0.8143 - Vey close to this weeks high and a significant low from 2010
SUPPORT LEVELS: 0.7982, 0.7951, 0.7695
RESISTANCE LEVELS: 0.8096, 0.8143, 0.8167, 0.8192/97, 0.8222
-Take hear those that are short that the 0.8100 figure wasn't broken and the pattern is still in motion.
-This trade has worked in my (analyst) favour and I still see this market heading lower, and a lot lower. The pattern suggest that we could be revisit the 2008 lows down at 0.7695 as long as the resistance levels can be broken, primarily at 0.7950 which is the May low and the annual low so far. Intraday levels of note lie at 0.8025 and 0.8096 in terms of resistance and the small supports at 0.7982 and 0.7946.

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