Break below key averages points EURGBP lower
This week's negative bias has already been confirmed. Yesterday's strong extension of Friday’s decline yielded sustained prices below the 13/100 day moving average area. The proximity of the 200-day line, and oversold extremes, adds a note of caution but currently we look for any profit-taking to be temporary and limited with the downside likely to continue to develop.
Management and risk description
A move to 0.8792 means the stop can be lowered to breakeven.
Entry: sell in 0.8815/20 area and at 0.8840.
Stop: 0.8864 bid.
Targets: 0.8792, 0.8779 and 0.8761.
Time horizon: intraday, closing 16:00 GMT.
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