The EURGBP has rallied up with the EURUSD this month and has corrected lower over the last few days. The move lower has taken the price below the 100 hour MA and trend line support, but stayed above the 38.2% of the months move higher at 0.80257. The market’s equilibrium between close support and resistance suggests the buyers and sellers are balanced. Look for sellers against the 100 hour MA at 80.46 with close stops above, and buyers against the 38.2% support at the 0.8025 area. Eventually, the market will break one or the other and at that time, traders will be eyeing the momentum move.
