EURGBP - Capped by key average, aiming lower
|Last week began with initial downside that took prices through the bottom of the falling daily Keltner channel and also the 200 day moving average - a point unbroken on a closing basis since May. A subsequent aggressive bounce of almost 2 ¾ big figures stalled, and was almost equally reversed, above the 13/100 day moving average area. The net result was only minimal net move but consolidation below the 13 day moving average, lower lows for a 6th week in a row, the most negative levels traded for 5 months and declining Keltner channels keep the focus on the downside.
There is some positive divergence to add caution to this week's view but I'm looking to Sell the cross close to .8400 and on any more pronounced rally to .8479. Downside targets are .8334, .8252 or even .8211. ONly above .8573 would change my negative tone to positive.
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