Article / 04 December 2012 at 7:04 GMT

EURGBP - Temporary selling to target .8085

Partner at 3 C ANALYSIS / 3cAnalysis
United Kingdom

Against a background of bullish signals for EURGBP sentiment for this week, yesterday's trading was subdued. All price action was confined within Friday’s range – highlighting a degree of investor indecision with an ‘Inside Day’. This price action does not provide strong signals for sentiment but it is the rejection of yesterday's top, at lower levels, and negative momentum that is likely to be the immediate backdrop. In light of this our call is Very Cautiously Bearish below .8135. The immediate objective is .8102, yesterday's base, and a move through that point should see the market focusing on .8085, Friday’s low point, or even towards .8062, the Marabuzo line.
The risk is that selling pressure is being overrated and this would be confirmed by a move up through last week's .8135 peak. Further gains would then target .8148 or even .8166, October’s high.

 

Momentum Negative

2y
tony1 tony1
Bonjour Alan, it has really been losing momentum lately, though i feel the bulls to return quicker than you think
2y
AlanCollins AlanCollins
you may be right Tony. signals today across the board are weak and some, from the way I analyse, contradictory. All calls today are not for widows and orphans as the saying goes.
2y
tony1 tony1
And as contradictory as it may look, RBA cuts rates and AUD rallys
2y
Rcernava Rcernava
When something is better than expected it should rally. RBA statement had no implications of another rate cut. And the rate cut came as no surprise to a market that has been pricing it in for two months now. Preception is everything!

Disclaimer

The Saxo Bank Group entities each provide execution-only service and access to Tradingfloor.com permitting a person to view and/or use content available on or via the website is not intended to and does not change or expand on this. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Tradingfloor.com and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Tradingfloor.com is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Tradingfloor.com or as a result of the use of the Tradingfloor.com. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. When trading through Tradingfloor.com your contracting Saxo Bank Group entity will be the counterparty to any trading entered into by you. Tradingfloor.com does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws. Please read our disclaimers:
- Notification on Non-Independent Invetment Research
- Full disclaimer

Show latest activity
Check your inbox for a mail from us to fully activate your profile. No mail? Have us re-send your verification mail