FXstreet.com (Barcelona) - According to Technical Strategist William Moore at RBS, “Wednesdays release of economic data has given the EUR/GBP a series of catalysts, however technically speaking the present pricing was always going to be the big test for pair in this zone between 0.8116 and 0.8156.”
“Our first reaction to how price action has behaved in it is one of concern, and the reordered high is 0.8162, while the short-term charts have continued to look increasing heavy since we entered this zone. It looks a good time to exit longs here and potentially consider entering shorts if the market breaks south through 0.8116.” writes Moore.
We note supportive structures kicking in at the 0.8030 handle and ultimately 0.7911.
“Our first reaction to how price action has behaved in it is one of concern, and the reordered high is 0.8162, while the short-term charts have continued to look increasing heavy since we entered this zone. It looks a good time to exit longs here and potentially consider entering shorts if the market breaks south through 0.8116.” writes Moore.
We note supportive structures kicking in at the 0.8030 handle and ultimately 0.7911.
