Kay Van-Petersen
Kay Van-Petersen, macro strategist at Saxo Capital Markets, digests the market action seen in week 43 and gives his tactical positing. Van-Petersen favours a USD step back, sees gold consolidating, and believes that European equities are overheated.
Day trade
Trade view / 17 June 2016 at 6:01 GMT

EURGBP temporary signs are pointing lower

Partner at 3 C ANALYSIS / 3cAnalysis
United Kingdom

Trading was volatile in EURGBP yesterday. New nine-week highs were posted in early price action but a reversal in sentiment near 0.8000 saw those 70-pip gains entirely lost.

This left the cross marginally lower at the close. This was not a deep enough decline to provide clearly negative signals, especially with sterling remaining nervous, but bearish enough to be a temporary sell with potential for a serious test of the 13 Day Moving Average.

Management and risk description

A move to 0.7874 means the stop can be lowered to break even.


Entry: Sell in the 0.7895/0.7900 area and any rally to 0.7927.

Stop: 0.7958 bid.

Target: 0.7874 and 0.7852.

Time horizon: End today at 1300 GMT.

Top of channel
Top of Channel

Upside Rejected
Upside Rejection
Long Term
Source: All charts from CQG

— Edited by Adam Courtenay

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