EURGBP: Temporary profit-taking to deepen
Initial upside on Tuesday reached expected levels through .8700. But demand stalled, consolidated and in the latter part of the day corrected overbought extremes. This fall only yielded minor net downside and EURGBP is still close to the top of a rising Keltner channel. So the move remains assessed as temporary but immediate signals for sentiment are left temporarily negative.
Management and risk description
A move to .8611 means the stop can be lowered to break even.
Entry: Sell in .8643/48 area and any rally to .8672.
Stop: .8699 bid
Target: .8611 and .8595
Time horizon: Intraday, ends 4pm London time.
Top of channel
— Edited by Susan McDonald
Non-independent investment research disclaimer applies. Read more