Sentiment negative as EURGBP fails to breach Marabuzo line
Demand dominated EURGBP yesterday, but the upside, which as platformed by the 13 day line, failed to effectively breach the Marabuzo line created on July 12.
This maintained the range trading that has been the backdrop to this month’s price action. So this means that immediate signals for sentiment cannot be entirely clear, but failure to hold yesterday's highs leaves our studies negative.
Management and risk description
A move to 0.8380 means the stop can be lowered to break even.
Entry: Sell in 0.8405/10 area and any rally to 0.8430.
Stop: 0.8452 bid.
Target: 0.8380 and 0.8365
Time horizon: Intraday, London 1600 close (1500 GMT)
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