EURGBP – Bearish Shooting Star points lower
Despite Friday’s stalling at the 13-day moving average, this week's signals for sentiment are negative with Wednesday’s Bearish Shooting Star pattern a significant background feature. That view has been tentatively confirmed as EURGBP was sold at lower levels for a third day in a row yesterday. Although net downside was limited the cross closed below the 13-day line and this keeps the focus on the downside.
Management and risk description
A move to 0.8849 means the stop can be lowered to break even.
Entry: Sell in 0.8878/83 area and at 0.8898
Stop: 0.8928 bid
Target: 0.8849, 0.8823 and 0.8795
Time horizon: Intraday, closing 16:00 GMT
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