EURGBP – Corrective Pattern, Limited Upside

by Admin

EURGBP – Continued buying from .8411 (Monday’s low) resulted in EURGBP posting the most positive daily performance in 18 trading days. However, this move higher is assessed as being corrective and (with intraday signals for sentiment at overbought extremes) any further buying pressure should be limited. Prime resistance is located at .8500 so risk/reward is ample to call a sell this morning. The call is bearish with a stop at .8520. The profit targets are.8460, .8432 and .8400


The risk, however, would be with buying through a stop of .8520