EURGBP was bought at higher levels for a 7th day in succession yesterday. This move, a 7th up day from the last 8, kept EURGBP hugging the upper end of a rising daily Keltner channel. New 7 week highs were posted although the speed and scope of the move means signals for sentiment are overbought. It is that element, coupled with a failure to maintain the highs that indicates scope for a deeper corrective move.
So we're looking to sell in .8660/65 area and at .8684. The stop is .8710 with downside targets of .8638, .8621 or even .8590. The time horizon is intraday.