The Euro has been on a down trend against the Pound for quite some time with the 200-hour simple moving average in agreement. For the last two weeks, with the exception of one false breakout, EUR/GBP has been trading below this moving level. The pair now finds itself at the moving average and may drop right back down. Our slow stochastic oscillator shows the pair trading in “overbought” territory and may also foresee price action heading downward.
