For a 3rd day in a row EURGBP probed below the 13 day mvg avg. For a 3rd day prices below that point found buyers. Price action was more subdued than the last 4 days – in fact, all trading was contained by the previous day’s range. This price action does not create strong signals for sentiment going into Thursday but the downside failure, an end to a sequence of 4 down days and further demand in Asia means intraday sentiment is positive.
We look to Buy at .8950 and .8932
Stop is .8901 offered
Targets .8967, .8987 or even .9005
Closing 4pm London time