The EURGBP had it’s chance to move higher. The price moved above 100 hour MA for the 2nd time in 2 days. It also moved above channel trend line. Nevertheless, the price could not extend and keep the momentum and the price has faltered.
Currently the price is below the midpoint of the corrective move (from Monday low to the high)at 0.7788 and is testing the next target at teh the 61.8 of the same move higher. A move below looks toward the lows from yesterday (near 4 year lows too).
The price is also back below the bottom trend line on the daily at the 0.7803. Stay below this level and the bears remain in control.
The move down in the EURGBP has been helped (or is helping) the GBPUSD which is up on the day and testing the highs at the 1.5534 level (albeit in a narrow range). At the same time, it is hurting the EURUSD which is trading at/near it’s days lows. I love those types of moves…
