EURGBP temporary signs are pointing lower
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.
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