EURGBP break on average signals further gains
The market continued Tuesday’s gains in EURGBP yesterday. The 13-day moving average that had held the previous three day's upside was powerfully broken and the cross traded to the highest levels for three weeks.
The scope of the gains from Monday’s low means that immediate signals for sentiment are overbought and a reaction is likely. Nonetheless momentum is supportive and the Relative Strength Indicators (RSI) are positive and so we look for gains to continue to develop.
Management and risk description
A move to .7225 brings the stop to break even
Entry: .7200/05 area and dip to .7182
Stop: .7152 offered
Target: .7225, .7236 or even .7252
Time horizon: Intraday today
— Edited by Adam Courtenay
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