EURGBP signals point to temporary correction
A weekly Evening Star at three-year highs is negative. The cross is also attracting sellers at a daily bear trend and prices are trading below their 13-day average rate. This all points to a temporary profit-taking pullback as signals continue to point lower.
Management and risk description
Allow room to sell the rally and lower stop to entry if the first target is met.
Entry: sell at market and also at 0.8562, the 13-day average rate.
Stop: 0.8594, the August 23 Marabuzo line.
Target: 0.8485, last week's low and 0.8427, the August 4 Marabuzo line.
Time horizon: today only.
— Edited by Gayle Bryant