Chart of the day: EUR/GBP
|I think what most traders missed this week about the EURGBP is that the pair actually challenged a slight descending channel support as we hit a new trend low. Daily RSI was divergent suggesting we would bounce and not that we are back above the .8400 level, the risk is for a bounce. From here, a move back above the .8465 level would suggest a move back above the previous support and now 38% Fibonacci retracement which means a move back to the 50dma then 200dma would be a high risk.
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