Forex: EUR/GBP set to print Pin at key resistance

FXstreet.com (San Francisco) - The EURGBP pair is quoted back near its opening price this Friday in North America as it trades a 0.7915-0.7956 intraday range, last at 0.7920 ahead of the weekly close. Should the market close at current levels, the mentioned price action will print a Pinocchio bar, or Pin bar on the daily timeframe chart. Pin bars are price action events that commonly form at market highs or lows. In the case of EURGBP, this pin has formed within a bearish trend bias, and at a 50% Fibonacci resistance level at 0.7950, which is also confluent with horizontal resistance (May 15 low). These conditions suggest that market may be poised for a downside action in the days and week ahead, as the path of least resistance appears to lie south.