Article / 04 December 2012 at 7:04 GMT

EURGBP - Temporary selling to target .8085

AlanCollins AlanCollins
Partner at 3 C ANALYSIS
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

1y
tony1 tony1
Bonjour Alan, it has really been losing momentum lately, though i feel the bulls to return quicker than you think
1y
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.
1y
tony1 tony1
And as contradictory as it may look, RBA cuts rates and AUD rallys
1y
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!

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