EURGBP - Upside rejection, points to lower levels
|Like CABLE, this cross saw Sterling volatility Wednesday. Marginally new 7 week lows were posted but a sharp reaction to that point failed, again, above .8900. The lack of follow through in either direction kept EURGBP between the 100 and 200 day mvg avgs and ensures that signals for sentiment have to be assessed with caution. Nonetheless it is the upside failure that is expected to impact on price action and so, this morning’s call is a Sell but leaving room to Sell any Rally to .8902. The risk is Wednesday’s .8922 top with an immediate target of .8861, yesterday's low. A move through that point then exposes sentiment to .8846 and .8830, the open from 9 weeks ago.
Upside Rejection
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