 Hello and welcome to the chart of the week video with me David Madden. Today's date is Friday the 9th of November 2018. At the time it's just gone 20 past 1 p.m. or 1320 GMT. This week's chart of the week is the Euro sterling. As you can see here from the chart, since August Euro sterling has been a fairly obvious downward trend. A nice steady series of lower lows and lower highs. In fact, actually yesterday on the Thursday of the 8th of November Euro sterling fell to a 7 month low. So that's an indication of how bearish this market is. If you take a look here at the indicator of the MACD histogram, we can see how the market is moving lower. On the price action there is a steady increase in negative momentum. So the downward move in the online market is being confirmed by the steady increase in negative momentum. So it's clear that the setters, the bears are in control. If this negative trend continues in the kind of short to medium term. We're going to be looking headed back down towards the late April lows of 0 spot 86-80. Or even down as low as the mid-April lows of 0 spot 86-20. But I do want to talk about the possibility of a near term bounce, short term bounce. If you take a look at this candle here, it has a possibility of a bullish engulfing. We haven't actually quite got there yet. Obviously the day has yet to play out. But earlier in the day, this candle was looking a bit larger. And if we do see this candle here, today's candle can probably cover or engulf the body of yesterday's candle. That could be a sign we're in for a near term bounce. And if you do have a near term bounce in the next few days, we could look at heading back up towards the 0 spot 88 mark. Notice how it acts as both resistance and support not too long ago. And if we go beyond that, we could be heading up towards maturity moving average. This red line here at 0 spot 88-36. Once again, notice how it acts as support on notifications recently. And at the metric or level as acted as support and or resistance recently, it makes it the more likely that it will do again in the near future. But there's obviously no guarantees of that. It's only if you take out the October high of 0 spot 89-39. Because there we actually begin to believe that the downward trend that has been in place since August has come to an end and has been degraded. If you are going to trade, you're starting, please keep in mind next week, we have a number of important economic indicators out from both the UK and the Eurozone. Out of the UK next week, we have CPI unemployment and average wages. Out of the Eurozone, we have GDP and CPI numbers. So this is likely to add volatility to this particular currency pair. If you have any comments or any opinions that you'd like to contribute to this video or any of the videos we've made here at CMC Markets, please feel free to leave a review on Google reviews. And that's all for me this week. Thank you very much.