Daily Forecast - 29 September 2014
EURGBP Spot
EURGBP in a 12 month bear trend with no sign of this reversing yet as we approach 2012 lows at 7753. Immediate support is last week's low of 7781 but below here we look for a test of 2012 lows at 7753 this week. A yearly low is always going to grab attention. This is also 7 year Fibonacci support BUT last time we bottomed here we also had the 200 month moving average here adding support. This is not the case now. However it is still worth exiting shorts & trying longs with wide stops below 7725.
Holding above 7805/00 is more positive for today & targets 7830. If we continue higher look for a selling opportunity at 7845/50 with stops above 7867.
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