EURGBP: Riding Keltner channel higher
Consolidation has marked this week's trading and continued to be the main element in EURGBP Thursday. Both lows and highs were rejected and the market again closed for only minimal net, negative, movement. This price action means, of course, that signals for sentiment cannot be assessed with strong conviction but with modest Asian demand and the underpinning positive Keltner channel in the background we look for buyers to reassert themselves.
Management and risk description
A move to 0.8609 means the stop can be raised to break even or better.
Entry: buy in 0.8580/0.85 area and any dip to 0.8561.
Stop: 0.8538 offered.
Target: 0.8609, 0.8624 and 0.8632.
Time horizon: intraday, ending 4pm London time.
— Edited by Gayle Bryant