Daily EUR/GBP candlestick chart. From March to July the currency pair has been steadily falling under a medium term down trend line (downtrend). This trend line was pierced for the first time on the first of August. Then the movement has been stuck in a flat market. Today the price action has formed a pin bar (aka hammer), with the daily close (0,78744) above the static support (0,78732). The static support has endured the penetration attempt (so this currency pair technically is still stuck in a flat market), but the pin bar may be interpreted as a beginning of a strong reaction. May be …
The Happy Trader 