EURGBP - Tracking Keltner channel higher

Alan Collins 3cAnalysis

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

Author

Alan Collins

3cAnalysis

Alan has been involved in the financial markets for more than 30-years.

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