EURGBP - Tracking Keltner channel higher
|Against a background of bullish weekly signals for sentiment, minor gains Monday extended last week's powerful upside. EURGBP was bought at higher levels for a 4th day in a row and the market was sustained above the key mvg avg area. Overbought extremes constrained the limited of the upside and a more significant profit taking reaction cannot be ruled out. But with the undertone still clearly positive our call for this morning is a Cautious Buy from 7am but leaving room to also Buy any Dip to .8894. The risk is .8867, yesterday's low, with an immediate target of .8934, yesterday's high. A move through that point then exposes sentiment to .8956, Marabuzo line from 8 weeks ago, or even towards .8988.
Above Averages
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.